The U.S. Treasury Department confirmed Thursday it will phase out production of the penny, fulfilling Trump’s directive to stop minting the one-cent coin. A Treasury spokesperson said the Mint placed its final order for penny blanks this month and will continue production until supplies are depleted, according to Politico. The move is expected to save $56 million annually, as each penny cost 3.69 cents to produce last year, according to the U.S. Mint’s annual report to Congress. Trump ordered the end of penny production in February, calling it wasteful due to its cost exceeding its value. Treasury Secretary Scott Bessent said the department is encouraging businesses to round down on cash transactions and is exploring cheaper alternatives for the nickel.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02U.S. Treasury Department confirmed Thursday it will phase out production of the petty,
00:06fulfilling Trump's directive to stop minting the one-cent coin.
00:09Treasury spokesperson said the mint placed its final order for penny blinks this month
00:12and will continue production until supplies are depleted, according to Politico.
00:17The move is expected to save $56 million annually as each penny cost $3.69 to produce last year,
00:23according to the U.S. Mint's annual report to Congress.
00:25Trump ordered the end of penny production in February,
00:27calling it wasteful due to its cost exceeding its value.
00:30Treasury Secretary Scott Bessett said the department is encouraging businesses
00:34to round down on cash transactions and is exploring cheaper alternatives for the nickel.
00:38For all things money, visit Benzinga.com slash GSTV.