President Trump says he has directed the Treasury Department to stop minting new pennies, citing the rising cost of producing the one-cent coin. "For far too long the United States has minted ...

Trump’s authority on the issue of whether to stop producing pennies is questionable; only Congress has the power to make currency changes under the Constitution.

The Mint expects that it will realize an immediate annual savings of $56 million by phasing out production of the penny, according to the Treasury Department.

The Treasury reportedly lost over $85 million producing the one-cent coin last year. It has now placed its final order of penny blanks.

In a cost-cutting move, the U.S. Treasury will stop minting new pennies. Originally introduced in 1793, the one-cent coins will still be legal tender. There are more than 100 billion pennies in ...

The Treasury Department said it placed its final order for penny blanks this month as the U.S. moves to end production of the 1-cent coin.

President Trump says he has directed the Treasury Department to stop minting new pennies, citing the rising cost of producing the one-cent coin.