Making change: Trump tells US Treasury to stop making pennies. What if we drop the penny?
Making change: Trump tells US Treasury to stop making pennies. What if we drop the penny?
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President Trump pauses penny production
The penny may soon be obsolete because President Trump told the treasury department to stop making them.
Fox - 5 NY
No more pennies from heaven? Whether you're pinching pennies or penny smart and pound foolish, the U.S. is considering a penny drop.
President Donald Trump wants the U.S. to stop making the coins. On Sunday, he posted on Truth Social that he's instructed the Secretary of the U.S. Department of the Treasury to stop minting the country's smallest circulating denomination, noting they cost more to create than they're worth.
"Let's rip the waste out of our great nations budget, even if it's a penny at a time," Trump said.
Can the president make that decision without the OK from Congress? What happens to making exact change? When, or if, the U.S. could stop making pennies is unclear. But some other countries have already made a similar move. Here's what we know so far.
How much do pennies cost to make?
A 2024 report from the U.S. Mint said it costs about 3.69 cents to make a penny. It said the cost to make pennies and nickels have been more than face value for the past 19 years.
In an X post, the Department of Government Efficiency (DOGE) led by Elon Musk, said making 4.5 billion pennies in fiscal year 2023 cost the country about $179 million.
Why are pennies so expensive?
Until 1982, pennies were mostly made of copper.
Now, they're made of copper-plated zinc. Metal prices have largely affected the cost to mint the coins.
Can Trump get rid of them?
According to the U.S. Mint, Congress is the body that approves every coin it produces.
The Coinage Act of April 2, 1792 established the Mint and the regulation of coins in the United States.
There was a relatively recent attempt to fix the issue.
A bill introduced by U.S. Sen. Margaret Wood, D-New Hampshire, would have changed the metals used to create coins to cut costs. The Coin Metal Modification Authorization and Cost Savings Act of 2023 had bipartisan support but died in the Senate Committee on Banking, Housing, and Urban Affairs.
Have other countries gotten rid of their smallest coins?
Yes. At least three other countries have gotten rid of their smallest coin denominations: Canada, New Zealand and Australia.
How will we make change if we get rid of pennies?
Most countries start rounding to the nearest five-cents to make change.
More: USPS reverses plan to hold packages from China. See why Trump tariffs still affect the mail
What pennies are worth the most money now?
An uncirculated 1914 Lincoln penny minted in Denver could fetch up to $1,500, according to JM Bullion.
The site shows an uncirculated 1856 Flying Eagle could fetch $14,500.
An uncirculated 1877 Indian Head Penny could get you up to $3,000.
Large cent coins, created from 1793 to 1857, have the potential to fetch, well, a pretty penny. An uncirculated 1799 Draped Bust could get up to $210,000.
Do you know where US coins are minted?
The U.S. Treasury has six sites around the country, and not all of them mint money.
Washington, D.C.: This site serves as headquarters for the U.S. Mint and does not make coins. It handles business, like research and marketing, for the mint system.
Fort Knox, Kentucky: The nation's gold bullion depository is here, and coins are not made on site.
Denver, Colorado: Makes the coins that circulate in the economy and collectibles.
Philadelphia, Pennsylvania: The largest mint in the world makes coins to collect and to circulate. It also makes medals and the dies for coins and medals.
San Francisco, California: This site makes collectible coins.
West Point, New York: This site stores precious metals, including gold and silver. It makes collectible coins and bullion coins for investment.
Do you know what a letter on a coin or medal means?
That's a mint mark. it shows where the coin was made.
A D or S stamped on a coin shows whether it was minted in Denver or San Francisco.
A P goes on coins made in Philadelphia, except for pennies. Those coins got a P for the first time in 2017 to honor the 225th anniversary of the Mint.
W for West Point appeared on a circulating coin for the first time in 2019, when the facility made 10 million quarters for the America the Beautiful program.
Which mints make pennies?
Now, per the U.S. Mint, most pennies are made in Philadelphia or Denver, though the San Francisco and West Point mints make some for collectors.
Do you have any of these coins? These rare dimes are worth over $1M.Here's how to check
Did the US have a coin smaller than the penny?
Yes! Half-cent coins were made between 1793 and 1857.
Some variations are rare, potentially worth thousands of dollars now, depending on quality and circulation status. JM Bullion, an online precious metals retailer, lists an uncirculated 1796 right-facing Liberty cap coin as potentially worth $100,000.
Could nickels be on the chopping block soon?
Nickels aren't part of the discussion right now, but according to a 2024 U.S. Mint report, it costs about 13.78 cents to mint each 5-cent coin.
Contributing: Minnah Arshad and Fernando Cervantes Jr.
Bonnie Bolden is the Deep South Connect reporter for Mississippi with Gannett/USA Today. Email her at bbolden@gannett.com.
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