U.S President Donald Trump says he's ordered Treasury Secretary Scott Bessent, to stop production of the one-cent coin, also known as the 'penny'. Trump made his comment on his Truth Social media account.
The U.S. cent or penny has been around since 1793 when the government first issued them. But now it's set to become a thing of the past.
U.S. President Donald Trump has announced that he's asked the Treasury Secretary Scott Bessent to stop producing them.
Trump made the announcement on his Truth Social media account, claiming them as 'wasteful.'
He says they cost more than 2 cents to make.
Since 1909, it has featured President Abraham Lincoln on its copper surface. However, the penny’s relevance has been debated for years, with critics arguing it has outlived its usefulness and often ends up forgotten.
Supporters say the penny helps stabilize prices and benefits charities. If eliminated, prices may be rounded off, simplifying transactions. This change could be a major shift in U.S. currency history.
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