In a move to curb government spending, U.S. President Donald Trump has directed the Treasury Department to cease the minting of new pennies. The decision comes as part of his administration’s broader cost-cutting efforts.

Trump Calls Penny Production ‘Wasteful’

Taking to his Truth Social platform, Trump announced his directive, stating, “For far too long, the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies.”

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The Trump administration’s fiscal policies have heavily focused on eliminating unnecessary expenditures, including reducing workforce numbers and restructuring entire agencies. Trump further emphasised, “Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time.”

Announcement Made During Super Bowl Visit

Trump’s announcement came shortly after he attended the first half of the Super Bowl championship in New Orleans. While en route to the game, he spoke to reporters, reaffirming his administration’s commitment to financial efficiency and national debt reduction.

Elon Musk’s DOGE Team Uncovers Treasury Irregularities

During his conversation with reporters, Trump also mentioned that Elon Musk’s Department of Government Efficiency (DOGE) had identified irregularities in Treasury Department operations. He hinted that these discrepancies could have significant implications for the nation’s financial status.

“There could be a problem—you’ve been reading about that—with Treasuries,” Trump said. However, he did not specify whether he was referring to the U.S. government’s debt obligations or financial transactions handled by the department. He further suggested that these irregularities might alter the national debt outlook, stating, “That could be an interesting problem because it could be that a lot of those things don’t count. Therefore, maybe we have less debt than we thought.”

Legal Battle Over Treasury Data Access

Musk’s DOGE recently requested access to Treasury Department payment records, allegedly to streamline government spending. However, a federal judge temporarily blocked DOGE’s access to the data, ruling that any information already obtained must be destroyed. The decision came in response to a lawsuit filed by several American states, challenging the transparency and legality of the review.

Treasury Secretary’s Take on Economic Measures

Last week, U.S. Treasury Secretary Scott Bessent addressed the financial markets, highlighting that the yield on 10-year government bonds remains a key factor in achieving Trump’s goal of securing lower interest rates.

With the administration pushing aggressive economic reforms, the halt in penny production is seen as a symbolic yet strategic move in Trump’s larger plan to reshape federal spending and debt management.