President Donald Trump has ordered Treasury Secretary Scott Bessent to halt penny production to cut government spending, according to a Truth Social post on Sunday. The U.S. Mint spent 3.69 cents to produce and distribute each penny last year, resulting in a $85.3 million loss on over three billion new pennies.

The one-cent coin accounts for more than half of all U.S. coin production despite having about 250 billion pieces already in circulation. Canada, Australia and several other countries have eliminated their lowest-denomination coins citing costs in recent years.

Further reading: Abolish the Penny?

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