Former President Trump has announced that he has instructed the Treasury Department to halt the production of new pennies, labeling the coin as “wasteful.”

In a recent statement, Trump expressed his belief that the continued minting of pennies is unnecessary and contributes to economic inefficiencies.

He pointed out that the cost of producing a penny often exceeds its face value, prompting discussions about the viability and utility of such low-denomination coins in today’s economy.

Trump’s decision has reignited a long-standing debate surrounding the future of the penny, which many have argued should be discontinued due to various considerations, including manufacturing costs and the limited purchasing power of the coin.

Advocates for eliminating the penny claim that rounding transactions to the nearest nickel could simplify cash handling and reduce costs for businesses.

However, opponents of this move argue that removing the penny from circulation would disproportionately affect those who rely on cash transactions, particularly in lower-income communities.

As Trump’s directive unfolds, it remains to be seen how this decision will impact the economy and the operations of the U.S. Mint in the long run.

This development will likely stimulate further discussions on currency reform and the practicality of maintaining certain coins in circulation, particularly as digital payment methods grow in popularity.