President Donald Trump announced on his Truth Social social media account on Sunday that US Treasury Secretary Scott Bessent has been directed to stop producing the penny, a one-cent currency.
“The United States has been minting pennies that cost us more than two cents for far too long. What a waste! Trump wrote, “I have directed my Secretary of the US Treasury to cease creating new pennies.”
“Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time,” he said.
The penny was first issued by the government in 1793. Since 1909, the profile of President Abraham Lincoln has adorned the obverse side of the coin that is made of zinc and copper.
