America lost 85 million dollars producing pennies in 2024. Make it make cents

Do We Really Need Coins With Coinbase? - 2025

TRENDING:

In a recent move to reduce government expenditure, President Donald Trump has directed the U.S. Treasury to cease the production of new pennies, citing the rising costs associated with minting the one-cent coin.  According to a U.S. Mint report, the cost to produce a single penny increased from 2.7 cents in 2022 to 3.7 cents in 2024, leading to significant financial losses.

This decision has garnered bipartisan support, with Democratic Colorado Governor Jared Polis applauding the move. Polis emphasized that halting penny production could save taxpayers hundreds of millions of dollars annually and benefit the environment by reducing the need for harmful mining and production processes.

The debate over the penny’s future has been ongoing, with critics arguing that its low purchasing power and the shift towards a cashless society make its continued production impractical.   Supporters, however, claim it encourages small charitable donations and holds cultural significance.  

Never-Trumpers will say: “well what about the Nickel?”  

The five-cent coin is even more costly to produce, with each nickel costing around 13 cents to mint—more than double its face value. Many economists argue that if eliminating the penny is a necessary step toward fiscal responsibility, the nickel should be next on the chopping block.

WHAT’S IMPORTANT:

While President Trump’s directive marks a significant step, it’s important to note that discontinuing the penny would likely require congressional action. The authority of the Treasury Secretary to unilaterally halt penny production remains uncertain, and legislative measures may be necessary to formalize this change. Let alone the nickel.

This decision by the Trump administration just prompts a broader discussion about the practicality and sentimental value of maintaining certain traditions in the face of economic realities. And also gives the media more to debate about.

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