By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Pew PatriotsPew PatriotsPew Patriots
Notification Show More
Font ResizerAa
  • Home
  • News
  • Tactical
  • Guns and Gear
  • Prepping & Survival
  • Videos
Reading: How Trump might get rid of the penny — and what could come next for your pocket change
Share
Font ResizerAa
Pew PatriotsPew Patriots
  • News
  • Tactical
  • Guns and Gear
  • Prepping & Survival
  • Videos
Search
  • Home
  • News
  • Tactical
  • Guns and Gear
  • Prepping & Survival
  • Videos
Have an existing account? Sign In
Follow US
How Trump might get rid of the penny — and what could come next for your pocket change
News

How Trump might get rid of the penny — and what could come next for your pocket change

Jimmie Dempsey
Last updated: February 11, 2025 12:03 am
Jimmie Dempsey Published February 11, 2025
Share
SHARE

President Donald Trump unveiled plans Sunday to halt production of the penny — but getting that initiative underway requires a few additional steps and possibly congressional approval. 

Additionally, while Trump said he instructed the Treasury Department to stop minting them due to their high costs, supporters of the penny claim it’s wiser to evaluate changes to the nickel instead. 

“For far too long, the United States has minted pennies which literally cost us more than 2 cents,” Trump wrote on Truth Social on Sunday. “This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies.”

MUSK’S NEXT TARGET? TRUMP SAYS DOGE WILL LOOK AT DEPARTMENT OF EDUCATION, PENTAGON FUNDING 

In fact, producing pennies is even more expensive than Trump’s numbers. According to a 2024 U.S. Mint report, it costs nearly 3.69 cents to mint a single penny. The coins are primarily made of zinc and then covered in copper. 

Trump’s statement comes after Tesla and SpaceX CEO Elon Musk, who is heading up the new Department of Government Efficiency (DOGE), posted on X in January how expensive minting pennies is. 

DOGE is tasked with identifying ways to eliminate waste, and has so prompted changes, including gutting the $40 billion U.S. Agency for International Development (USAID), which provides aid to impoverished countries and development assistance.

Still, proponents of the penny exist. Americans for Common Cents, an organization that provides Congress and the White House with research on the value of the penny, claimed that efforts are better targeted at reducing the cost of the production for the nickel. 

Nickels, worth five cents, cost approximately 13.8 cents to mint, according to the 2024 U.S. Mint report. 

“The logical and fiscally responsible solution is not to eliminate the penny but to focus on producing a cheaper nickel,” Americans for Common Cents Executive Director Mark Weller said in a Jan. 23 statement. “This approach would address the real driver of losses while preserving the functionality of small denominations in everyday transactions.” 

While the waters are a little murky on the next steps, experts say Congress likely would need to become involved and pass legislation to fulfill Trump’s wishes. And, historically, previous attempts in Congress to eliminate the coin have failed. 

USAID STAFFERS STUNNED, ANGERED BY TRUMP ADMIN’S DOGE SHUTDOWN OF $40B AGENCY

A bronze seal beside a door at the U.S. Treasury building in Washington, D.C.

“The process of discontinuing the penny in the U.S. is a little unclear. It would likely require an act of Congress, but the Secretary of the Treasury might be able to simply stop the minting of new pennies,” Robert Triest, an economics professor at Northeastern University, told the Northeastern Global News.

Even so, there is bipartisan interest on Capitol Hill to modify minting pennies. In 2023, Sens. Joni Ernst, R-Iowa, and Maggie Hasson, D-N.H., reintroduced legislation to alter the composition of the penny to cut down on costs. 

“It’s absolute non-cents that American taxpayers spend ten cents to make just one nickel. Only Washington could lose money making money,” Ernst said in a statement in April 2023. “This commonsense, bipartisan effort will modify the composition of certain coins to reduce costs while allowing for a seamless transition into circulation. A penny saved is a penny not borrowed.”

CLICK TO GET THE FOX NEWS APP

Even so, a composition change will unlikely yield cheaper results. The 2024 Mint Report said that options for different metal compositions aren’t available to reduce production costs down to face value. 

There’s still some precedent for change though, and Congress has acted previously to discontinue minting new coins. The legislative branch authorized discontinuing new half-cent coins in 1857. 

The Associated Press contributed to this report. 

Read the full article here

You Might Also Like

Scientists may have discovered why the pounds come back after losing weight

Putin sending foreign minister to Saudi Arabia for talks with Trump officials

Hiding kids’ ‘gender identity’ from parents is common in blue state fighting Trump on trans issues: watchdog

Demi Moore, Heidi Klum, Kim Kardashian top most revealing looks of 2024: PHOTOS

SCOOP: Dems who derailed Al Green censure could be stripped of House committee roles

Share This Article
Facebook Twitter Email Print
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We Recommend
Pat McAfee tells John Mellencamp to ‘shut the f— up’ after taking offense to Pacers hype-up speech
News

Pat McAfee tells John Mellencamp to ‘shut the f— up’ after taking offense to Pacers hype-up speech

Jimmie Dempsey Jimmie Dempsey May 31, 2025
First Look: Langdon Tactical Hellcat Pro and Hellcat Pro Comp Pistols
Keep your swimming pool clean with these pool vacuum cleaners
NASCAR’s Christian Eckes aims for breakthrough at Nashville during tough Xfinity season
You Will Probably Be Surprised
Seattle pastor details wild scene after worship event ‘swarmed’ by protesters
Hegseth says US will bolster defenses overseas to support Indo-Pacific allies against China
News

Hegseth says US will bolster defenses overseas to support Indo-Pacific allies against China

Jimmie Dempsey Jimmie Dempsey May 31, 2025
Sperm donor’s genetic mutation linked to cancer in 10 conceived children
News

Sperm donor’s genetic mutation linked to cancer in 10 conceived children

Jimmie Dempsey Jimmie Dempsey May 31, 2025
Lawsuit filed against Kansas law nullifying end-of-life choices for pregnant women
News

Lawsuit filed against Kansas law nullifying end-of-life choices for pregnant women

Jimmie Dempsey Jimmie Dempsey May 31, 2025
Pew Patriots
  • News
  • Tactical
  • Prepping & Survival
  • Videos
  • Guns and Gear
2024 © Pew Patriots. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?