Washington (AP) – President Donald Trump Says that he has instructed the Ministry of Finance to stop mulping new money, with reference to rising costs for producing the coin of one cent.
“Far too long have the United States made money that literally cost us more than 2 cents. This is so wasting! “Trump wrote on his social social site in a post on Sunday evening.” I dedicated my secretary of the American treasury to stop producing new money. “
The relocation of Trump is the last in the rapid effort of his new government to introduce radical change through executive order and proclamation on issues ranging from immigration, to gender and diversity, to the name of the Gulf of Mexico.
Trump had not discussed his desire to eliminate the cent during his campaign. But the so -called department of the efficiency of Elon Musk increased the prospect A message on X last month emphasize the costs of the cent.
The American currency reported to lose $ 85.3 million in the tax year of 2024 that ended in September on the nearly 3.2 billion money it produced. Every cent cost almost $ 0.037 – from $ 0.031 the year before.
The currency also loses money on the nickel, where each of $ 0.05 coins costs almost $ 0.14 to make.
It is unclear whether Trump has the power to unilaterally eliminate the coin with a low one cent. Currency specifications – including the size and metal content of coins – are dictated by the congress.
But Robert K. Triest, Professor Economy at Northeastern University, Has argued that There may be a wobble space.
“The process of stopping the cent in the US is a bit unclear. It would probably require an act of the congress, but the secretary of the treasury may simply stop the mining of new money, “he said last month.
Members of the congress have repeatedly introduced legislation that focus on the zinc coin with copper plating. Proposals have tried over the years to temporarily suspend the production of the Penny, to eliminate blood circulation or requires the prices to be completed at the nearest five cents, according to the Congressional Research Service.
Proponents of eliminating the currency have cited cost savings, faster cash register at the checkout and the fact that a number of countries have already eliminated their coins of one cent. Canada for example, stopped minting his cent In 2012.
It would not be the first time that the US eliminated its at least valuable coin. The half -cent coin was stopped by the congress in 1857.
Trump’s new administration is sharply focused on reducing costs, with Musk, which has been caused to lead the task, aimed at entire agencies and large parts of the federal workforce while trying to make a purpose of $ 2 trillion in savings identify.
“Let us rip the waste from our budget of our Great Nations, even if it is a cent at the same time,” Trump wrote in his position.
Trump sent the message when he left New Orleans after viewing the first half of the Super Bowl.
AP Witte Huis Correspondent Zeke Miller has contributed to this report.