US President Donald Trump has instructed his Secretary of the Treasury to stop producing new pennies, citing costs.
According to a statement on Truth Social, Trump said the penny “literally cost us more than 2 cents” and is “so wasteful”. He believes it’s time to get rid of the penny due to its perceived value.
Kevin O’Leary, a ‘Shark Tank’ investor, agrees with Trump. O’Leary stated that paying $0.02 for a penny worth $1 in real terms is “stupid” and “useless”.
The US Mint’s production costs are substantial: the department spent $3.69 to make one penny, $5.76 on dimes, $13.78 on nickels, and $14.68 on quarters.
However, critics argue that eliminating the penny will actually increase costs due to potential increases in nickel production costs. Some also suggest revising other coins instead of focusing solely on the penny.
Source: https://www.foxbusiness.com/media/trump-right-order-us-ditch-stupid-penny-kevin-oleary-says