Overview

• President Donald Trump announced the U.S. Treasury will stop minting pennies, citing production costs exceeding their face value as wasteful.
• The U.S. Mint reported losing $85.3 million in fiscal year 2024 from producing pennies, which now cost 3.69 cents each to mint.
• Critics argue that eliminating pennies could increase demand for nickels, which cost nearly 14 cents each to produce, potentially exacerbating losses for the U.S. Mint.
• The decision could impact jobs in Greene County, Tennessee, where Artazn LLC, the sole supplier of penny blanks, employs over 330 people.
• Legal experts are divided on whether Trump has the authority to unilaterally retire the penny, with Congress typically overseeing currency changes.