President Donald Trump announced on Truth Social that he has ordered U.S. Treasury Secretary Scott Bessent to halt production of the one-cent penny, citing excessive costs.
“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,” Trump wrote. “Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time.”
The penny, first issued in 1793, has featured President Abraham Lincoln since 1909 and is composed of zinc and copper.
The Longstanding Penny Debate
The debate over eliminating the penny has been ongoing for years. In 2013, economist Henry Aaron from the Brookings Institution argued for scrapping both pennies and nickels, calling them “monetary detritus.”
Supporters of the penny claim it helps keep consumer prices lower and benefits charities, while critics argue it is mostly discarded and unnecessary in modern transactions.
What’s Next?
If the penny is phased out, one proposal is to round prices to the nearest zero, simplifying transactions. The decision marks another step in Trump’s cost-cutting agenda.
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Shipping traffic through the Strait of Hormuz remains limited on Thursday, with no increase in vessel crossings as U.S.-Iran talks to resolve the conflict remained stalled. Nine commodity vessels transited the key waterway on Wednesday, unchanged from the previous day, according to Kpler data.
Shipping through the Strait of Hormuz has slowed, according to the latest data, as uncertainty over the waterway’s reopening kept most shipowners away. Six commodity vessels crossed the strait on Tuesday, down from nine the day before and below the 10-day daily average of 11.
Iran has said the Strait of Hormuz will remain closed until the U.S. fulfils the terms of an interim deal, including lifting the maritime blockade and sanctions and releasing Iran’s frozen assets.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 19th of August, covering the latest developments.
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