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Billionaire Trump says time's up for lowly US penny

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U.S. Treasury Secretary Scott Bessent has been ordered to cease production of the one-cent coin known as the penny, President Donald Trump said in a posting on his Truth Social media account on Sunday.
Donald Trump, in a recent statement, has called for the elimination of the U.S. penny, describing it as "lowly" and arguing that its production cost exceeds its value, which he claims is a waste of taxpayer money. The penny, which has been in circulation since 1793, costs more than 2 cents to produce due to the rising price of metal. Trump's comments come amidst discussions on currency reform, with some advocating for rounding prices to the nearest nickel to simplify transactions and reduce costs. Despite the push, there is significant resistance to change due to the penny's symbolic value and its role in everyday transactions. The U.S. Mint has been exploring alternative materials to reduce costs, but no definitive action has been taken yet.

Read the Full Reuters Article at:
[ https://www.reuters.com/world/us/billionaire-trump-says-times-up-lowly-us-penny-2025-02-10/ ]