[Global Network Report]According to CNN and other media reports, US President Trump posted on his social media platform on the 9th that he had instructed US Treasury Secretary S on the cost of producing a 1-cent coin to be too high. Cote Becente stopped producing such coins.
“For a long time, a 1 cent coin actually cost the U.S. more than 2 cents to mint. It's a waste! I've instructed the U.S. Treasury Secretary to stop producing new 1 cent coin. Let's eliminate waste from the budget of the great country. , even if only one cent is wasted at a time,” Trump said in his post.
CNN said that according to statistics from the US Mint, there are about 4.1 billion 1-cent coins circulating on the market in the United States in 2023. In fiscal 2024, the Mint mentioned in its annual report that the production and issuance cost of the U.S. 1 cent coin is about 3.7 cents. Compared with 2023, the cost has increased by more than 20%, and the report said that this is partly due to the rising costs of metals such as zinc and copper.