The penny has had its time. In a decision that marks the end of an era, Donald Trump has ordered the Secretary of the Treasury to halt the production of the one-cent coin, a move that is expected to help eliminate unnecessary waste in the federal budget.
The president explained that for too long, the United States has been minting coins that cost more than their actual value, calling this practice a waste of public resources. In a post on the Truth platform, he emphasized that every step toward efficiency matters, even if it’s “just one penny at a time.”
The idea of eliminating the penny is not new. First minted in 1793 and featuring the face of Abraham Lincoln since 1909, the cent has been the subject of heated debate for years. Some economists argued that its removal, described as an unnecessary “monetary debris,” would simplify daily transactions. As early as 2013, fiscal policy expert Henry Aaron suggested abandoning both the penny and the nickel, believing that life would be easier without their use.
Among supporters, many have pointed to their role in keeping consumer prices low and generating income for charitable organizations. However, for many Americans, the penny has become little more than a nuisance: currency that ends up forgotten in drawers and piggy banks.
With the end of current penny production, one possible solution to consider could be price rounding. It remains to be seen how this transition will be managed and what the effects it will have on the U.S. economic system.
At this point, Trump’s decision represents another step in his policy of reducing spending, even on those seemingly insignificant expenditures.
