Donald Trump Halts Minting of New Pennies, Driving Up Value of Rare Specimens

"For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!" the president posted to Truth Social on Sunday night.

President Donald Trump has announced plans to halt the production of new one-cent coins, a move that could drive up the value of rare in-circulation pennies as collectors seek out the most elusive and high-grade specimens.

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

"Let's rip the waste out of our great nations budget, even if it's a penny at a time."

Newsweek has contacted the Treasury Department regarding the minting decision.

While perhaps a surprising announcement from the president, not previously mentioned among his litany of campaign promises, Trump's decision aligns with his administration's focus on reducing wasteful government expenditure, and taps into a long-running debate over the continued utility of the currency's smallest denomination.

According to the U.S. Mint's 2024 report, making and circulating the one-cent coin cost 3.69 cents per penny. The Mint reported a loss of $85.3 million on the nearly 3.17 billion pennies it produced in the fiscal year ending September 2024.

The move could also impact the American coin-collecting market, expected to double in size to $77.3 billion by 2034, according to Market Research Future. Putting a stop to the minting of new pennies could result in the most valuable coins—whose price is dictated by their rarity, historical significance, unique minting marks, condition and errors—to skyrocket.

According to USA Coin Book, a collector-focused website that records and appraises all coins minted in the U.S., the rarest pennies can be worth millions of dollars, with the following ranked by their value in perfect condition.

1943-D Lincoln Wheat Cent Penny: Bronze/Copper. Value: $2.4 million

Mintage: One

1944-S Lincoln Wheat Cent Penny: Steel Cent. Value: $1.2 million

Mintage: Two

1943-S Lincoln Wheat Cent Penny: Bronze/Copper. Value: $621,691

Mintage: Five

1943 Lincoln Wheat Cent Penny: Bronze/Copper. Value: $428,634

Mintage: 20

1958 Lincoln Wheat Cent Penny: Doubled-Die Obverse. Value: $235,450

Mintage: Three

1888 Indian Head Cent Penny: Last 8 Over 7. Value: $77,706

Mintage: Unknown

1944-D Lincoln Wheat Cent Penny: Steel Cent. Value: $64,930

Mintage: Seven

1944 Lincoln Wheat Cent Penny: Steel Cent. Value: $61,254

Mintage: 30

1856 Flying Eagle Cent Penny. Value: $29,948

Mintage: 2,000

1922-D Lincoln Wheat Cent Penny: No D Mint Mark. Value: $18,882

Mintage: Unknown

1955 Lincoln Wheat Cent Penny: Doubled-Die Obverse. Value: $18,295

Mintage: Unknown

1970-S Lincoln Memorial Cent Penny: Doubled Die Obverse. Value $14,920

Mintage: Unknown

The Department of Government Efficiency (DOGE), an advisory body led by Elon Musk and tasked with identifying unnecessary government expenditures, previously argued for abolishing the penny, citing the high costs of manufacturing the coin.

Todd Martin, chief spokesperson for the U.S. Mint, has pointed out that the coronavirus pandemic's impact on the retail sector affected the circulation of physical pennies.

"In normal circumstances, retail transactions and coin recyclers return a significant amount of coins to circulation on a daily basis," Martin told Reader's Digest in 2023. "There is an adequate amount of coins in the economy, but coins aren't circulating through the economy as quickly as they were prior to the COVID-19 pandemic."

"It's expensive to mint coins, and it's also expensive for businesses to process small coins," Robert K. Triest, professor of economics at Northeastern University, recently told Northeastern Global News.

However, Triest questioned whether the president could unilaterally stop mintage of the penny.

"The process of discontinuing the penny in the U.S. is a little unclear," Triest said. "It would likely require an act of Congress, but the secretary of the treasury might be able to simply stop the minting of new pennies."

Others have noted potential hurdles