Say Goodbye To New Pennies in Texas, For Good

On Sunday night, the commander in Chief revealed that he's taken steps to drastically change the American currency.

On Super Bowl Sunday, Trump took to his Social site and revealed, “For far too long the United States has minted pennies which literally cost us more than 2 cents...I have instructed my Secretary of the US Treasury to stop producing new pennies.”

It turns out the price to produce a penny is more costly than it is worth. 

It's not clear if the President has the power to eliminate forms of currency independently. Likely, Congress will have to approve this type of change.

President Trump has had his sights on the penny since his campaign began. According to DOGE, "The penny costs over 3 cents to make and cost US taxpayers over $179 million in FY2023. The Mint produced over 4.5 billion pennies in FY2023, around 40% of the 11.4 billion coins for circulation produced."

The U.S. Mint reported "losing $85.3 million in the 2024 fiscal year on the nearly 3.2 billion pennies produced. Every penny cost nearly $0.037 — up from $0.031 the year before." Are pennies worth that to us?

Minting the nickel, too, costs more than its value. At this point, though, there has been no indication that its existence is in jeopardy.

America wouldn't be the first to cancel its one-cent coin. Canada stopped minting them in 2012. According to this report, in 2018, an economic analysis found that Canadians were paying about $3.27 million more at grocery stores every year due to prices being rounded up higher after the change.