In an effort to reduce waste, President Donald Trump has mandated that the US Treasury” stop producing new shillings” because the cost of producing new shillings is now higher than the value of the coins.
Trump wrote in a publish on Truth Social about the Super Bowl on Sunday that” for far too much the United States has minted coins that actually cost us more than 2 percent. This is so inefficient! I have instructed my US Treasury Secretary to stop making brand-new coins. This blow the spare out of our great countries finances, even if it’s a quarter at a time”.
According to the United States Mint, each penny cost 3.69 cents to make in Fiscal Year 2024, with a total cost of$ 119 million. According to Fox News, last year was the 19th time in a row when the cost of producing the quarter exceeded its value.
According to The Post Millennial, no president has attempted to remove the coins before Trump, despite there having been a drive to end the practice for several years in the United States. Since producing coins costs more than the price of the cash, the outlet reported that Canada stopped using them in 2012 to save money.
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Shortly after Trump’s inauguration last month, the Department of Government Efficiency ( DOGE ) released a statement on X, formerly Twitter, saying,” The penny costs over 3 cents to make and cost US taxpayers over$ 179 million in FY2023. The Mint produced over 4.5 billion pennies in FY2023, around 40 % of the 11.4 billion pennies for circulation produced”.
The quarter was one of the first cash to be produced by the Mint after it was established in 1792, according to the U.S. Mint’s site. The coin was originally made of pure metal, and it is larger than the penny today, which is mostly made of zinc, according to the U.S. Mint’s website.
The Brookings Institute published an explanation in 2013 that stated that “pennies and nickels cost more to produce than they are for,” as part of the push to ban the use of coins that are more expensive than they are worth. A quarter costs roughly 2 cents to create, a nickel almost 8 percent. And since the U. S. basil has minted nearly 92 billion coins 15 billion dimes since Y2K, the government’s$ 1 billion decline making these currencies is not, like the cash themselves, fool change. We got along just fine without currencies that cost as little as pennies and nickels do today in 1940, and even much after that.
