U.S. President Donald Trump has directed Treasury Secretary Scott Bessent to end the production of pennies, citing their high manufacturing costs.  

In a post on Truth Social on Sunday, February 9, Trump wrote, “For far too long, the United States has minted pennies that literally cost us more than 2 cents. This is wasteful! I’ve instructed the Secretary of the Treasury to stop producing new pennies. Let’s cut waste from our great nation’s budget, even if it’s a penny at a time.”  

The decision comes amid long-standing debates over the penny’s relevance. BBC reported that it was influenced by a recent post from Elon Musk’s unofficial Department of Government Efficiency (Doge) on X, highlighting the coin’s production costs.  

According to the U.S. Mint’s 2024 report, it costs 3.69 cents to produce and distribute a one-cent coin. Critics argue the penny is economically inefficient, while supporters claim it helps stabilize prices and supports charitable fundraising.  

First issued in 1793, the penny has featured President Abraham Lincoln’s image since 1909. Made primarily of zinc and copper, it has faced scrutiny as other countries, like Canada, phased out similar coins due to high costs and declining purchasing power. Canada discontinued its penny in 2012, BBC reported.  

A similar debate has persisted in Nepal over the continued minting of the Re 1 coin.

(With inputs from CNN, BBC and Reuters)