President Trump directs to stop minting pennies
(NBC, KYMA/KECY) - President Donald Trump says he has directed the Treasury Department to stop minting new pennies.
The president announced the policy change on social media Sunday night, citing the rising cost of producing the one-cent coin.
The U.S. mint reported losing more than $85 million last year on the nearly 3.2 billion pennies. Each penny cost a little less than four cents to produce.
It's unclear whether Trump has the power to unilaterally eliminate the lowly one-cent coin.
Currency specifications, including the size and metal content of coins, are dictated by Congress.
The mint also loses money on the nickel, with each of the five cent coins costing nearly 14 cents to make.
