This website collects cookies to deliver better user experience. Cookie Policy
Accept
Sign In
The Wall Street Publication
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Reading: Treasury Division to halt penny manufacturing after centuries in circulation
Share
The Wall Street PublicationThe Wall Street Publication
Font ResizerAa
Search
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 The Wall Street Publication. All Rights Reserved.
The Wall Street Publication > Blog > Markets > Treasury Division to halt penny manufacturing after centuries in circulation
Markets

Treasury Division to halt penny manufacturing after centuries in circulation

Editorial Board Published May 22, 2025
Share
Treasury Division to halt penny manufacturing after centuries in circulation
SHARE

FOX Enterprise’ Lydia Hu reviews on the Division of Authorities Effectivity’s newest plan to chop spending throughout an look on ‘Varney & Co.’

The U.S. authorities is phasing out manufacturing of the penny, which has been in circulation for hundreds of years, in a cost-cutting transfer that’s projected to save lots of $56 million every year.

The Treasury made its closing order of clean pennies this month and can cease placing one-cent cash into circulation by early 2026. As pennies fade from use, companies might want to spherical up or all the way down to the closest 5 cents, The Wall Road Journal reported.

‘MAKES SENSE’: GOP, DEMS UNITE BEHIND TRUMP’S PLAN TO FIRE THE PENNY

By halting manufacturing of the penny, the U.S. Mint – the coin-producing bureau of the Treasury – tasks an instantaneous annual financial savings of $56 million in diminished materials prices. Within the final 10 years, the price of making the cash has risen from a little bit over 1 cent to just about 4 cents per penny, a spokesperson for the Treasury Division informed FOX Enterprise.

A pile of US pennies is seen on this photograph illustration in Washington, DC, February 10, 2025.  (SAUL LOEB/AFP  / Getty Photos)

The transfer is a part of an ongoing bipartisan effort to discontinue manufacturing of the coin. In February, President Donald Trump introduced plans to halt manufacturing of pennies, which price greater than their worth to mint.

TRUMP’S PENNY POLICY: IT MAKES SENSE TO STOP MAKING CENTS

“For far too long, the United States has minted pennies which literally cost us more than 2 cents,” Trump wrote on Reality Social. “This is so wasteful! I have instructed my Secretary of the U.S. Treasury to stop producing new pennies.”

Treasury Department building

The Treasury Constructing in Washington, D.C., is the headquarters of the USA of America Division of the Treasury. (Nicolas Economou/NurPhoto / Getty Photos)

This 12 months, two bipartisan payments to do away with the penny had been launched.

HOW TRUMP MIGHT GET RID OF THE PENNY — AND WHAT COULD COME NEXT FOR YOUR POCKET CHANGE

In Could, Sens. Mike Lee, R-Utah, and Jeff Merkley, D-Ore., proposed the Make Sense Not Cents Act, which argues that producing pennies results in taxpayer waste. In April, Reps. Lisa McClain, R-Mich., and Robert Garcia, D-Calif., alongside Sens. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y., launched the Widespread Cents Act.

donald Trump

U.S. President-elect Donald Trump speaks at a Home Republicans Convention assembly on the Hyatt Regency on Capitol Hill on November 13, 2024, in Washington, DC. (Allison Robbert-Pool / Getty Photos)

Whereas Congress decides forex specs like the dimensions and steel content material of cash, the Treasury has the ability to halt the manufacturing of recent cash.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

There are round 114 billion pennies presently in circulation within the U.S., however they’re underutilized. The penny was one of many first cash created by the U.S. Mint after it was established in 1792.

TAGGED:centuriescirculationDepartmenthaltpennyproductionTreasury
Share This Article
Twitter Email Copy Link Print
Previous Article US males leaves a number of starters off Gold Cup roster for final aggressive video games earlier than World Cup US males leaves a number of starters off Gold Cup roster for final aggressive video games earlier than World Cup
Next Article Chrisley Household Returning to Actuality TV with Model New Present Chrisley Household Returning to Actuality TV with Model New Present

Editor's Pick

Kirill Dmitriev’s Vision: The Russia-Alaska Tunnel as a Geostrategic Imperative

Kirill Dmitriev’s Vision: The Russia-Alaska Tunnel as a Geostrategic Imperative

Executive Summary: A Strategic Announcement In a landmark social media post dated October 16, Kirill Dmitriev, Chief Executive Officer of…

By Editorial Board 6 Min Read
The 2025 Denim Playbook: The Finest Denims and Manufacturers for Each Type | Fashion
The 2025 Denim Playbook: The Finest Denims and Manufacturers for Each Type | Fashion

We independently consider all advisable services. Any services or products put ahead…

6 Min Read
Ottawa’s culinary neighborhood mourns younger Inuk chef killed in stabbing
Ottawa’s culinary neighborhood mourns younger Inuk chef killed in stabbing

The final time Patrick Garland noticed Joshua Qiyuk, the younger chef was…

3 Min Read

Oponion

The Trouble With a Stock-Market Bubble

The Trouble With a Stock-Market Bubble

Wow, was I ever wrong.On Jan. 16, 2010, I reported…

February 11, 2022

Top Fed Official Warns Against Coordinated Global Monetary Policy

A top Federal Reserve official signaled…

November 19, 2021

Selena Gomez Reveals How She Brushes Off Physique-Shaming Trolls

Studying Time: 3 minutes Even Selena…

September 10, 2025

Boston Fed Picks University of Michigan Provost Susan M. Collins as President

The Federal Reserve Bank of Boston…

February 9, 2022

At present in Historical past: October 12, First lady lights Olympic flame

At present is Sunday, Oct. 12,…

October 12, 2025

You Might Also Like

See inside JPMorgan’s new B world headquarters in New York Metropolis
Markets

See inside JPMorgan’s new $3B world headquarters in New York Metropolis

FOX Enterprise correspondent Madison Alworth stories on the obstacles JPMorgan needed to overcome to ascertain its $3 billion New York…

5 Min Read
Why students condemn capitalism and lean into socialism
Markets

Why students condemn capitalism and lean into socialism

FOX Enterprise anchor David Asman joins ‘Mornings with Maria’ to interrupt down his sequence inspecting socialism’s rising affect in America’s…

3 Min Read
Trump pardons convicted Binance founder Changpeng Zhao
Markets

Trump pardons convicted Binance founder Changpeng Zhao

Gemini co-founders Tyler and Cameron Winklevoss focus on cryptocurrency’s progress beneath the Trump administration, their partnership with Mastercard for a…

4 Min Read
Molson Coors to chop tons of of jobs in restructuring plan
Markets

Molson Coors to chop tons of of jobs in restructuring plan

Tilray CEO Irwin Simon explains his firm's cannabis-infused beer and discusses President Donald Trump’s resolution on reclassifying marijuana on ‘The…

3 Min Read
The Wall Street Publication

About Us

The Wall Street Publication, a distinguished part of the Enspirers News Group, stands as a beacon of excellence in journalism. Committed to delivering unfiltered global news, we pride ourselves on our trusted coverage of Politics, Business, Technology, and more.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 The Wall Street Publication. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?