They cost nearly 270% more to make than what they’re worth — but we’re only talking pocket change.Pennies, a coin purse staple since their production began in 1793, have become one of the latest targets of President Donald Trump’s second administration.On Sunday, in a Truth Social post, the president said he had asked his secretary of the treasury to stop the production of new pennies. "Let's rip the waste out of our great nation's budget, even if it’s a penny at a time," Trump said in the post.It remains unclear whether Trump alone has the authority to halt penny production. The U.S. Congress oversees the U.S. Mint, which is responsible for coin production. The penny, whose face value is a modest 1 cent, cost about 3.7 cents to make last year.They aren’t the only expensive coin. Nickels cost about 13.8 cents to make in 2024, despite them being valued at only 5 cents. The disproportional cost of penny and nickel production isn’t a new issue. Since 2006, both pennies and nickels have been more expensive to make than their face value.Former President Barack Obama raised questions concerning the penny in 2013. "This is not going to be a huge savings for government," Obama said 11 years ago in response to a question in a Google+ Hangout. "But anytime we're spending more money on something that people don't actually use, that's an example of something we should probably change."While pennies have been the focus of conversation, the cost of producing nickels, dimes and quarters has also risen in recent years. In its annual report, the U.S. Mint reported losing $85.3 million in pennies last year. It also lost $17.7 million in nickels, although that’s a large improvement from 2023, when it lost $92.6 million on the 5-cent coin. The price of nickel fell 27.1% last year, which could account for some of the drop in losses.For pennies, while the average price of copper increased 5.4%, average zinc prices dropped 4.7%. Today’s 1-cent coins are made largely of zinc with copper plating. Overall, the U.S. Mint reported a 27.7% drop in its revenue in 2024 compared to the previous year. This comes as the group decreased coin shipment circulations by 44%. The U.S. is not the first country to face the potential demise of its 1-cent wonders. Canada halted penny production in 2012 and Australia hasn't had 1-cent coins since 1992. For now, in the U.S., it remains to be seen if the coin will be tossed. PHNjcmlwdCB0eXBlPSJ0ZXh0L2phdmFzY3JpcHQiPiFmdW5jdGlvbigpeyJ1c2Ugc3RyaWN0Ijt3aW5kb3cuYWRkRXZlbnRMaXN0ZW5lcigibWVzc2FnZSIsKGZ1bmN0aW9uKGUpe2lmKHZvaWQgMCE9PWUuZGF0YVsiZGF0YXdyYXBwZXItaGVpZ2h0Il0pe3ZhciB0PWRvY3VtZW50LnF1ZXJ5U2VsZWN0b3JBbGwoImlmcmFtZSIpO2Zvcih2YXIgYSBpbiBlLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdKWZvcih2YXIgcj0wO3I8dC5sZW5ndGg7cisrKXtpZih0W3JdLmNvbnRlbnRXaW5kb3c9PT1lLnNvdXJjZSl0W3JdLnN0eWxlLmhlaWdodD1lLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdW2FdKyJweCJ9fX0pKX0oKTs8L3NjcmlwdD4=
WASHINGTON — They cost nearly 270% more to make than what they’re worth — but we’re only talking pocket change.
Pennies, a coin purse staple since their production began in 1793, have become one of the latest targets of President Donald Trump’s second administration.
On Sunday, in a Truth Social post, the president said he had asked his secretary of the treasury to stop the production of new pennies. "Let's rip the waste out of our great nation's budget, even if it’s a penny at a time," Trump said in the post.
It remains unclear whether Trump alone has the authority to halt penny production. The U.S. Congress oversees the U.S. Mint, which is responsible for coin production.
The penny, whose face value is a modest 1 cent, cost about 3.7 cents to make last year.
They aren’t the only expensive coin. Nickels cost about 13.8 cents to make in 2024, despite them being valued at only 5 cents.
The disproportional cost of penny and nickel production isn’t a new issue. Since 2006, both pennies and nickels have been more expensive to make than their face value.
Former President Barack Obama raised questions concerning the penny in 2013.
"This is not going to be a huge savings for government," Obama in response to a question in a Google+ Hangout. "But anytime we're spending more money on something that people don't actually use, that's an example of something we should probably change."
While pennies have been the focus of conversation, the cost of producing nickels, dimes and quarters has also risen in recent years.
In its annual report, the U.S. Mint reported losing $85.3 million in pennies last year. It also lost $17.7 million in nickels, although that’s a large improvement from 2023, when it lost $92.6 million on the 5-cent coin.
The price of nickel fell 27.1% last year, which could account for some of the drop in losses.
For pennies, while the average price of copper increased 5.4%, average zinc prices dropped 4.7%. Today’s 1-cent coins are made largely of zinc with copper plating.
Overall, the U.S. Mint reported a 27.7% drop in its revenue in 2024 compared to the previous year. This comes as the group decreased coin shipment circulations by 44%.
The U.S. is not the first country to face the potential demise of its 1-cent wonders. Canada halted penny production in 2012 and Australia hasn't had 1-cent coins since 1992.
For now, in the U.S., it remains to be seen if the coin will be tossed.
