President Trump has instructed the Treasury Department to cease minting new pennies, noting that each one-cent coin costs about 3.7 cents to produce, leading to losses of $85.3 million in fiscal year 2024. This decision aligns with broader spending cuts initiated by Trump's administration. While he argues that the move addresses wastefulness, it remains uncertain whether he can unilaterally stop production without congressional approval. Advocates suggest that eliminating the penny could streamline transactions, following examples from countries like Canada that have already phased out their one-cent coins.