India, Feb. 10 -- President Donald Trump says he has instructed Treasury Secretary Scott Bessent to stop the production of pennies, as the process is highly costly.
"For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies. Let's rip the waste out of our great nations budget, even if it's a penny at a time," Trump said in a statement posted on social media after returning from the Super Bowl.
The newly created Department of Government Efficiency had called attention to the high cost of producing the single-cent coin.
The US penny costs about 3.7 cents to produce and distribute, according to the US M...