FOX Business’s “Lydia Hu” reports on its current government efficiency plan to reduce spending while appearing in “Varney & Co.”
US Government The cost-cutting move is projected to phase out penny production, which has been in circulation for centuries, and save $56 million each year.
The Treasury will place its final blank penny order this month and will stop circulating one cent coin by early 2026. Wall Street Journal It has been reported.
“It makes sense”: gop, dems unites behind Trump’s plan to fire Penny
By halting production of The Penny, The Us Mint (Treasury Department of Coin Production Bureau) is forecasting an immediate savings of $56 million in material costs. Over the past decade, the cost of making coins has risen from over 1 cent to nearly 4 cents All the pennya Treasury spokesman told Fox Business.
February 10, 2025, this photo illustration in Washington, DC shows a pile of US penny. (Saul Loeb/AFP/Getty Images)
The move is part of a continuing bipartisan effort to halt coin production. February, President Donald Trump We have announced plans to stop production of penny.
Trump’s Penny Policy: It makes sense to stop making cents
“For too long, the US has been minting pennies that cost literally more than two cents,” Trump wrote in The Truth Society. “This is a lot of waste! I have instructed my US Treasury secretary to stop production of new penny.”
The Treasury Department, located in Washington, DC, is the headquarters of the United States Treasury Department. (Nicolas Economy /Nulphoto /Getty Images)
This year, two Bipartisan legislation It was introduced to remove pennies.
How Trump Gets Penny – and What Can Come Next To Change Your Pocket
May, Senator R-UTAH, and D-ore. Jeff Merkley sen. April, R-Mich. Lisa McClain, and Robert Garcia, Cynthiaramis, R-Wyo of D-Calif. , and alongside Kirsten Gillibrand of Dn.Y., we featured the Common Cents Act.
US President Donald Trump will speak at the House Republican Conference held at the Hyatt Regency in Capitol Hill on November 13, 2024 in Washington, DC. (Allison Robbert-Pool / Getty Images)
meanwhile The council decides The Ministry of Finance, which is currency specifications such as coin size and metal content, has the power to halt production of new coins.
Click here to get your Fox business on the go
Currently, approximately 114 billion pennies are in circulation in the US, but they are not fully utilized. Penny was one of the first coins created by US Mint after being founded in 1792.
