Recently, President Trump issued an order to stop the production of the 1-cent coin, or penny.

This is because the manufacturing cost of this coin is more than three times its face value, and this decision reflects a commitment to correcting budget waste in the United States.

President Trump stated on social media, "I directed the Treasury Secretary to halt the minting of the 1-cent coin."

According to him, the U.S. has long spent more than 3 cents to produce each 1-cent coin, which he pointed out is a waste of taxpayer money. In fact, it can be seen that a recent post by Elon Musk, head of the Office of Efficiency, raised the issue that the 1-cent coin costs significantly more than its face value, which triggered this decision.

Meanwhile, according to the Federal Mint, 3.2 billion 1-cent coins were produced in the 2024 fiscal year, resulting in a total loss of $85.3 million. The minting cost per coin has reached 3.7 cents, which is higher than last year's cost of 3.1 cents. Furthermore, for the 5-cent coin, the minting cost has reached 14 cents, prompting a reconsideration of the broader economic impact beyond simple currency production.

However, the issue at hand is whether President Trump has the authority to make such a decision without congressional approval. This authority issue has become a hot topic among politicians and economic experts.

Additionally, South Korean defense contractor Poongsan, which supplies more than 50% of the raw materials for U.S. coins, is expected to be significantly impacted by this decision. If the minting of the 1-cent coin is halted, substantial negative effects on the company's revenue are anticipated.

It remains uncertain whether former President Trump's remarks will lead to actual policy changes. Since political opinion, congressional agreement, and economic analysis must all come into play, it may be difficult to see decisive changes in the short term. However, this statement seems likely to reignite long-standing discussions regarding the U.S. currency system.

In short, former President Trump's statement about eliminating the penny is not just a simple remark; it raises a significant issue regarding the efficiency of the U.S. economy and government budget management.

It will be interesting to see how related policies develop and what economic and social impacts arise from them.