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US President Donald Trump has instructed Treasury Secretary Scott Bessent to stop producing pennies due to their high production costs.
“I have instructed the Secretary of the Treasury to stop producing new pennies. Let’s cut this expense out of our great country, one penny at a time,” Trump wrote on his Truth Social page.
According to CNN, one of the reasons for the increased cost of producing pennies is the rising cost of metals.
Experts also say that scrapping the penny could benefit businesses by saving time for retailers and cashiers.