US President Donald Trump announced that he has instructed his administration to stop issuing 1-cent coins.
“For too long, the United States has minted coins that have literally cost us more than 2 cents. This is a waste. I have instructed the Secretary of the Treasury to stop producing new coins. Let's get rid of unnecessary expenses in the budget of our great country,” Trump wrote on his Truth social network.
In the 2024 fiscal year, the US Mint noted in its annual report that the issuance and distribution of one coin will cost about 3.7 cents, which is 20% more than the previous year. The reason is the increase in the cost of metals, including zinc and copper, which are used to issue coins.
