On Sunday, President Donald Trump posted on his Truth Social media account that U.S. Treasury Secretary Scott Bessent had been directed to stop producing the penny, a one-cent currency.
“The United States has been minting pennies that cost us more than two cents for far too long. What a waste! Trump wrote, “I have directed my Secretary of the US Treasury to cease creating new pennies.”
“Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time,” he stated.
The government began issuing pennies in 1793. Since 1909, the copper and zinc obverse side of the coin has featured the profile of President Abraham Lincoln.
For years, there has been a heated debate about whether the penny should be removed from the list of US currency.
“Let’s Drop Pennies and Nickels Too While We’re At It” was the argument made in a 2013 post by economist Henry Aaron for the Brookings Institution, a progressive journal.
“Life would be simpler without this monetary detritus,” he stated.
The penny’s proponents contend that it keeps consumer prices down and provides funding for charitable organizations.
Laptops 1000However, the quarter has annoyed many Americans, who throw it away in piggy banks, ashtrays, and drawers.
Making the final number of all prices a zero would be one solution if the pennies were to be eliminated.
