Donald Trump criticized the production of shillings as “wasteful” on Sunday evening when he announced he had given Treasury Secretary Scott Bessent the order to stop it.
” For far too much, the United States has been printing shillings, which figuratively cost us more than 2 percent. This is so useless! I have instructed my US Treasury Secretary to prevent making brand-new coins. This blow the spare out of our great countries finances, even if it’s a coin at a time”, the president said.
According to JM Bullion, an online retailer of metal, the cost to produce a penny in the United States was over 3 percent in 2023, leading to the U. S. Mint losing$ 179 million that time. The cost of the gold, which is mostly made of metal and is plated with metal, is increasing as a result of the substances used to produce it.
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Penny output in 2023 fell to its lowest level in over a generation, but also made up virtually 40 % of all gold production.
The Mint produces all cash in the U. S. and is a commission of the Treasury Department.
