Trump has made the penny his currency target - but it’s the nickel he should worry about - Ending the penny could drive up nickel demand, which could in turn cost the Treasury even more to produce

President Donald Trump said he’s instructed the Secretary of the US Treasury to stop making new pennies, writing that they “literally cost us more than 2 cents.” He’s right — in fact, each US penny costs 3.

“For far too long the United States has minted pennies which literally cost us more than 2 cents,” Trump posted on his social media site Truth Social. “This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies. Let’s rip the waste out of our great nations budget, even if it’s a penny at a time.”