Trump orders Treasury to stop minting pennies due to excessive cost

While at the Super Bowl on Sunday, President Donald Trump ordered the U.S. Treasury to halt the minting of new pennies, saying that they cost more than their worth to make.

“For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump posted Sunday night on Truth Social. “I have instructed my Secretary of the US Treasury to stop producing new pennies.”

According to the Associated Press, each penny actually costs taxpayers 3.7 cents to mint.

The U.S. Mint said it lost $85.3 million in the 2024 fiscal year on the minting of almost 3.2 billion pennies.

The AP was unclear as to whether Trump has the authority to stop the minting of pennies, or whether Congress would need to do it through legislation.

It sure doesn't make sense to spend almost four cents making each penny, though.