Trump: I’ve Ordered Treasury To Stop Minting Pennies

The Washington Post reports:

Trump says he has ordered the U.S. Treasury to stop minting new pennies, calling their production “wasteful.” No other official announcement on penny production has been made, and Treasury did not immediately respond to an overnight request for comment. But the debate over whether to continue making lower-denomination coins has gone on for years, particularly as costs to produce them have steadily risen.

Other countries, including Brazil, Chile and China, have halted production of low-denomination coins. Canada phased out the penny in 2012. Proponents of keeping pennies in circulation argue that removing them could fuel inflation by forcing consumers to pay a rounded-up price in cash transactions: For example, if an item costs $10.08 after tax, it would be rounded up to $10.10.

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