How Trump might get rid of the penny — and what could come next for your pocket change
Trump said he wants the Treasury Department to stop minting pennies because of their high manufacturing costs.
President Donald Trump unveiled plans Sunday to halt production of the penny — but getting that initiative underway requires a few additional steps and possibly congressional approval.
Additionally, while Trump said he instructed the Treasury Department to stop minting them due to their high costs, supporters of the penny claim it’s wiser to evaluate changes to the nickel instead.
"For far too long, the United States has minted pennies which literally cost us more than 2 cents," Trump wrote on Truth Social on Sunday. "This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies."
MUSK'S NEXT TARGET? TRUMP SAYS DOGE WILL LOOK AT DEPARTMENT OF EDUCATION, PENTAGON FUNDING
In fact, producing pennies is even more expensive than Trump’s numbers. According to a 2024 U.S. Mint report, it costs nearly 3.69 cents to mint a single penny. The coins are primarily made of zinc and then covered in copper.
Trump’s statement comes after Tesla and SpaceX CEO Elon Musk, who is heading up the new Department of Government Efficiency (DOGE), posted on X in January how expensive minting pennies is.
DOGE is tasked with identifying ways to eliminate waste, and has so prompted changes, including gutting the $40 billion U.S. Agency for International Development (USAID), which provides aid to impoverished countries and development assistance.
Still, proponents of the penny exist. Americans for Common Cents, an organization that provides Congress and the White House with research on the value of the penny, claimed that efforts are better targeted at reducing the cost of the production for the nickel.
Nickels, worth five cents, cost approximately 13.8 cents to mint, according to the 2024 U.S. Mint report.
"The logical and fiscally responsible solution is not to eliminate the penny but to focus on producing a cheaper nickel," Americans for Common Cents Executive Director Mark Weller said in a Jan. 23 statement. "This approach would address the real driver of losses while preserving the functionality of small denominations in everyday transactions."
While the waters are a little murky on the next steps, experts say Congress likely would need to become involved and pass legislation to fulfill Trump’s wishes. And, historically, previous attempts in Congress to eliminate the coin have failed.
USAID STAFFERS STUNNED, ANGERED BY TRUMP ADMIN'S DOGE SHUTDOWN OF $40B AGENCY
"The process of discontinuing the penny in the U.S. is a little unclear. It would likely require an act of Congress, but the Secretary of the Treasury might be able to simply stop the minting of new pennies," Robert Triest, an economics professor at Northeastern University, told the Northeastern Global News.
Even so, there is bipartisan interest on Capitol Hill to modify minting pennies. In 2023, Sens. Joni Ernst, R-Iowa, and Maggie Hasson, D-N.H., reintroduced legislation to alter the composition of the penny to cut down on costs.
"It’s absolute non-cents that American taxpayers spend ten cents to make just one nickel. Only Washington could lose money making money," Ernst said in a statement in April 2023. "This commonsense, bipartisan effort will modify the composition of certain coins to reduce costs while allowing for a seamless transition into circulation. A penny saved is a penny not borrowed."
CLICK TO GET THE FOX NEWS APP
Even so, a composition change will unlikely yield cheaper results. The 2024 Mint Report said that options for different metal compositions aren’t available to reduce production costs down to face value.
There’s still some precedent for change though, and Congress has acted previously to discontinue minting new coins. The legislative branch authorized discontinuing new half-cent coins in 1857.
The Associated Press contributed to this report.
Diana Stancy is a politics reporter with Fox News Digital covering the White House.
The tale of Ben Affleck and Matt Damon is one of Hollywood's greatest-ever love stories, so it's surprising he managed to narrow down the field to just two.
Read more >> : Cick here
 |
 |
 |
 |
 |
 |
 |
:max_bytes(150000):strip_icc()/emrata-e1b8a48c7e0a46298bd57327521df770.jpg)
Emily Ratajkowski attended the Coach Fall RTW 2025 fashion show as part of New York Fashion Week and she wore a cozy light brown suede coat and matching knee-high boots.
Read more >> : Cick here
|
|
|
|
:max_bytes(150000):strip_icc()/emrata-e1b8a48c7e0a46298bd57327521df770.jpg&description=Emily Ratajkowski Signed Off on the Winter Suede Trend in the Coziest Coat Emily Ratajkowski attended the Coach Fall RTW 2025 fashion show as part of New York Fashion Week and she wore a cozy light brown suede coat and matching knee-high boots. %23emilyratajkowski) |
|
|
Shift Up has revealed that Stellar Blade’s PC release will include extra content and optimizations that will make it the definitive experience.
Read more >> : Cick here
|
|
|
|
 |
|
|
Formula E team Cupra Kiro has expanded its ownership with British actor Idris Elba among the team’s new backers. The team joined Formula E this season after the former ERT outfit was bought out by …
Read more >> : Cick here
|
|
|
|
 |
|
|
A Yu-Gi-Oh live-action movie could happen.
Read more >> : Cick here
|
|
|
|
 |
|
|
Paris Hilton transforms the Motorola Razr+ with a new pink edition featuring exclusive accessories and ringtones. Available from Feb. 13.
Read more >> : Cick here
|
|
|
|
 |
|
|
Mariah Carey barely moved on stage at one of her recent shows in Las Vegas.
Read more >> : Cick here
|
|
|
|
 |
|
|
Ticketmaster said â??there were no issuesâ?? on its website.
Read more >> : Cick here
|
|
|
|
 |
|
|
A MAJOR update has been issued on the car finance commission scandal with a mammoth compensation bill expected. The UK’s motor finance industry is bracing for a potential multi-billion pound …
Read more >> : Cick here
|
|
|
|
 |
|
|
During the Invictus Games 2025, Prince Harry revealed that he has shared an iconic video of his late mother Princess Diana to his and Meghan Markle's son, Archie.
Read more >> : Cick here
|
|
|
|
 |
|
|
Twitter (X), Inc. was an American social media company based in San Francisco, California, which operated and was named for its flagship social media network prior to its rebrand as X. In addition to Twitter, the company previously operated the Vine short video app and Periscope livestreaming service
Twitter (X) is one of the most popular social media platforms, with over 619 million monthly active users worldwide. One of the most exciting features of Twitter (X) is the ability to see what topics are trending in real-time. Twitter trends are a fascinating way to stay up to date on what people are talking about on the platform, and they can also be a valuable tool for businesses and individuals to stay relevant and informed. In this article, we will discuss Twitter (X) trends, how they work, and how you can use them to your advantage.
What are Twitter (X) Worldwide Trends?
Twitter (X) Worldwide trends are a list of topics that are currently being talked about on the platform and also world. The topics on this list change in real-time and are based on the volume of tweets using a particular hashtag or keyword. Twitter (X) Worldwide trends can be localized to a Worldwide country or region or can be global, depending on the topic's popularity.
How Do Twitter (X) Worldwide Trends Work?
Twitter (X) Worldwide trends are generated by an algorithm that analyzes the volume of tweets using a particular hashtag or keyword. When the algorithm detects a sudden increase in tweets using a specific hashtag or keyword, it considers that topic to be trending.
Once a topic is identified as trending, it is added to the list of Twitter (X) Worldwide trends. The topics on this list are ranked based on their popularity, with the most popular topics appearing at the top of the list.
Twitter (X) Worldwide trends can be filtered by location or category, allowing users to see what topics are trending in their area or in a particular industry. Additionally, users can click on a trending topic to see all of the tweets using that hashtag or keyword.