PANews reported on February 10 that according to the Associated Press, US President Trump announced that he had instructed the Treasury Department to stop minting new 1-cent coins (pennies), arguing that their production costs were higher than their face value, resulting in financial waste. He posted on Truth Social: "For a long time, the United States has been minting pennies that cost more than 2 cents each. This is too wasteful!"

Data from the U.S. Mint shows that a total of 3.2 billion pennies were produced in fiscal year 2024, with a total cost of $85.3 million, or about $0.037 per coin, up from the previous year. The U.S. five-cent coin (nickel) also lost money, with each coin costing nearly $0.14.

Although Trump ordered a halt to production, it remains unclear whether he has the unilateral power to decide. Congress controls currency specifications, including the size and metal composition of coins. Economist Robert K. Triest believes that the Secretary of the Treasury may have the power to suspend the minting of the new penny, but a complete cancellation still requires congressional legislation.

Congress has proposed eliminating the penny several times in the past to reduce costs, speed up checkouts and follow the lead of countries such as Canada, which stopped minting pennies in 2012. The U.S. did the same in 1857 when it abolished the half-cent coin.