President Donald Trump Announced plans to put an end to the production of money, which costs more than their value to make.
“Far too long, the United States has made pins that literally cost us more than 2 cents,” Trump wrote about Truth Social. “This is so wasting! I dedicated my secretary of the American treasury to stop producing new money.”
He added: “Let’s rip the waste from the budget of our big nation, even if it is a cent at the same time.”
This is the last step of the president to reduce the spending in the US after being appropriate on January 20.
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President Trump is planning to eliminate the mining of new money. (Olivia Oxley via AP)
The Department of Government Efficiency (Doge), led by billionaire Elon Musk, posted on X last month that producing the Center costs the American taxpayers tens of millions of dollars, suggesting that it can be one of the items it can be done consider eliminating.
Trump said that money is worth less than they costs to produce. (Getty)
Musk’s initiative, aimed at cutting $ 2 trillion on federal editions, did not immediately state that the Penny would be eliminatedBut emphasized that it costs three times more to make than it is actually worth.
Trump said the cent “cost us more than 2 cents” to mint. (Donald Trump 2024 -Campagne)
According to the American Mint, every cent costs 3.69 cents to produce in the tax year 2024, which costs taxpayers $ 119 million. This meant the 19th consecutive year in which production exceeded its nominal value.
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Elon Musk leads the Ministry of Government Efficiency. (Anna Moneymaker/Getty images)
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In the US, the cent was one of the first coins made by the American currency after the location in 1792. When it was first produced, the currency was larger and made of pure copper. Today’s smaller currency is mainly made of zinc, according to the American currency.
Daniella Genovese from Fox News Digital has contributed to this report.
