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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Turkish Foreign Minister Hakan Fidan is set to visit Algeria on April 20-21 for high-level strategic talks, according to diplomatic sources.
U.S. Vice President JD Vance met with senior Vatican officials on Saturday for talks that the Vatican described as "cordial," following ongoing criticisms of the Trump administration’s policies, particularly regarding immigration.
Russian President Vladimir Putin announced a temporary ceasefire in Ukraine for Easter, set to last from 6 p.m. Moscow time (1500 GMT) on Saturday until midnight (2100 GMT) following Easter Sunday.
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