February 10, 2025 - 11:30
In a surprising move, President Donald Trump has directed Treasury Secretary Scott Bessent to cease the production of pennies. This decision comes as a response to the escalating costs associated with minting the one-cent coin. The production of pennies has long been debated, with many arguing that it is no longer economically viable.
The President highlighted that the cost of producing a single penny often exceeds its face value, leading to calls for a reevaluation of the coin's necessity in the modern economy. Supporters of the decision argue that eliminating the penny could streamline transactions and reduce costs for businesses.
Critics, however, worry that removing the penny could lead to rounding up prices, disproportionately affecting low-income consumers. This move is part of a broader initiative to reform the U.S. currency system and address inefficiencies within the Treasury. As the nation watches closely, the impact of this decision on everyday transactions remains to be seen.
