Donald Trump Vows To End Penny Production
Donald Trump Vows To End Penny Production
Donald Trump’s recent directive to halt the minting of new pennies highlights a long-standing debate over the coin’s value.
He argued that producing pennies costs more than their worth, with the U.S. Mint reporting losses of $85.3 million on nearly 3.2 billion pennies in 2024. Despite Trump’s move, Congress must authorize such a change, and previous efforts to eliminate the penny have failed.
While some argue eliminating it would save money and reduce environmental impact, others worry about “rounding taxes” and the loss of penny drives.
Economists suggest that rounding to the nickel wouldn’t harm consumers. Countries like Canada, Australia, and several European nations have phased out small coins, showing it’s possible to move beyond the penny.
Still, advocates for keeping it, like Americans for Common Cents, argue that the issue lies in the cost of nickels, not pennies.
Should the penny be banned for good?