In a major financial shake-up, President Donald Trump has directed the U.S. Treasury Department to cease production of the one-cent coin, commonly known as the penny. The move, aimed at reducing government waste, was announced in a viral post on Truth Social and later reshared widely across X (formerly Twitter).
🔥 Trump’s Reasoning? The penny costs more to produce than its actual value! 🔥
What Trump’s Executive Order Does
📌 Halts Penny Production: The U.S. Mint will immediately cease manufacturing new pennies.
📌 Focus on Cost-Saving: Each penny costs more than 2 cents to produce, leading to millions in government losses each year.
📌 Reevaluates Small Denominations: Trump hinted at a possible review of the nickel’s future, questioning its cost-effectiveness as well.
📌 Streamlining Transactions: Officials will explore rounding transactions to the nearest five cents, following models used in Canada and Australia.
Trump’s Take: ‘Time to Cut Waste!’
🗣️ “For far too long, the United States has minted pennies that literally cost us more than they’re worth. This is so wasteful! I have instructed my Secretary of the Treasury to stop production immediately.” – Donald Trump on Truth Social
🗣️ “Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time!” – Donald Trump
📊 The Penny Problem in Numbers: ✔️ 2.1 cents – Cost to produce each penny. ✔️ $150 million+ – Estimated taxpayer losses from penny production yearly. ✔️ 1909 – The year Abraham Lincoln was placed on the coin. ✔️ 13 billion – Average number of pennies produced annually.
The Debate: Smart Reform or Unnecessary Change?
🚨 Supporters Say: ✅ Saves Taxpayer Money: Stopping penny production eliminates millions in wasteful spending. ✅ Speeds Up Transactions: Many believe pennies slow down everyday cash transactions. ✅ Proven Model: Other nations like Canada have successfully eliminated the penny without major issues.
❌ Critics Argue: 🔴 Could Increase Prices: Rounding transactions may slightly raise consumer costs over time. 🔴 Hurts Charities: Many non-profits rely on penny donations in fundraising efforts. 🔴 Loss of a Tradition: The penny has historic significance, dating back to 1793.
What Happens Next?
⚖️ Congressional Review: Lawmakers will likely weigh in on the decision—some may push back.
🏢 Retailers Reacting: Businesses will prepare for rounding adjustments and potential customer confusion.
📢 Public Debate Intensifies: This announcement is already trending on social media, with both strong support and opposition.
🚨 WHAT DO YOU THINK? Should the U.S. keep the penny, or is it time to move on? 🚨
