US Treasury to stop producing one-cent coins
Trump ordered the Treasury Department to stop the production of one-cent coins, citing the high costs of this process
On Sunday, February 9, it was learned that the President of the United States, Donald Trump, ordered the Secretary of the Treasury, Scott Bessent, to stop the production of one-cent coins, considering this high cost a waste for the nation.
Trump said, during his return to Washington from the Super Bowl: “For too long, the United States has minted one-cent coins that literally cost us more than 2 cents. It is a waste! I have instructed my Secretary of the Treasury to stop producing new cents. Let’s get the waste out of our great nation’s budget, even if it is one cent at a time.”
The requests of other years for the elimination of the one-cent coin are joined by the most recent statements by Elon Musk, who heads the Department of Government Efficiency, on the high cost of producing said coin.
In 2023, the US Mint put into circulation about 4.1 billion one-cent coins. Last year, the institution indicated in its annual report that “producing and distributing the US cent costs about 3.7 cents, more than 20 % more than the previous year.”
Trump’s decision is undoubtedly greatly influenced by the increase in the cost of metals such as zinc and copper, which makes the manufacture of the coin more expensive.
M.Pino
Source: cnnespanol
(Reference image source: Kenny Eliason on Unsplash)
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