US President Donald Trump announced that he has ordered the Treasury Department to stop producing new 1-cent coins, citing rising production costs as the main reason.
"For too long the United States has been producing 1-cent coins that literally cost us over 2 cents. This is nonsense!" Trump wrote in a post on the "Social Truth" platform.
"I have instructed the US Treasury Secretary to stop their production," the President underlined.
This move by Trump is part of a series of actions by his new administration to implement radical changes through executive orders in various areas, from immigration and gender and diversity policies to renaming the Gulf of Mexico.
According to the Associated Press, Trump had not mentioned during his election campaign his intention to abolish the 1 cent coin.
However, Elon Musk's "ministry" aimed at improving efficiency in the US government proposed the idea in a post on X last month, placing emphasis on the cost of producing this particular currency.
The U.S. Mint recorded a loss of $85.3 million in fiscal year 2024, on about 3.2 billion 1-cent coins produced. Each of them cost about $0.037, compared to $0.031 last year.
Losses have also been recorded in the production of the 5-cent coin, as each coin costs about $0.14 to produce. As the US Agency points out, it is not clear whether Trump has the authority to unilaterally abolish the production of the 1-cent coin. (A2 Televizion)
A2 CNN Livestream
MUND TE LEXONI GJITHASHTU
