Trump's plan to scrap the penny spikes interest for coin collectors

Can a penny saved finally be truly worth it? Collectors are asking that question this week after President Trump ordered the U.S. Treasury Department to stop minting the penny.

"For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!" Mr. Trump wrote in a post Sunday night on Truth Social. "I have instructed my Secretary of the US Treasury to stop producing new pennies."

Every penny costs 3.7 cents to manufacture and the U.S. Treasury lost $85.3 million in 2024 producing them, the U.S. Mint reported. Congress sets currency specifications, so it's unclear whether Mr. Trump has the power to eliminate the penny, but the president might be able to stop the Treasury from minting them.