No more pennies: In big change, Treasury will stop minting them
The Trump administration hopes to save big bucks by phasing out the penny.
The Treasury Department has placed its last order for blank pennies and plans to stop minting the one-cent coins as soon as that’s exhausted.
Each penny costs nearly four cents to produce, so the move is expected to result in immediate savings of $56 million a year. A Treasury spokeswoman confirmed the decision, which was first reported by the Wall Street Journal.
President Trump called for the phase-out back in February. Canada, New Zealand and Australia have also eliminated their one-cent coins.
Pennies will remain legal tender, which is fortunate since more than a billion dollar’s worth are in circulation. Most are rarely used, however, instead gathering dust in dresser-top coffee cans and forgotten pants pockets.
The phase-out may require stores to round prices up or down to the nearest nickel, although the growing popularity of non-cash payments makes that less of a headache. Less than one in five payments are made with cash, according to the Federal Reserve Bank of Boston.
Rep. John Rose, R-Tenn., suggested during a hearing this month that phasing out the penny could increase demand for nickels. Minting nickels is also a money-loser for the government, since the five-cent coins cost about 14 cents each.
Treasury Secretary Scott Bessent told lawmakers that the administration believes it can break even on nickel production by changing the composition of the coins.
“I will point out that the dime is very profitable,” the secretary added.
China restricts exports to 40 Japanese entities with ties to military
China on Tuesday restricted exports to 40 Japanese entities it says are contributing to Japan's "remilitarization," in the latest escalation of tensions with Tokyo.
Signs, silence, and skipping: How Democrats protested Trump’s State of the Union
The pushback comes as Democrats enter a midterm year where they hope to make gains in the House and Senate.
Trump honors gold medal-winning men’s hockey team at State of the Union amid controversy
The celebration of the men's team comes after FBI Director Kash Patel's trip to the Games in Milan, and the president's comments about the U.S. women's team, have drawn scrutiny.
Read NPR’s annotated fact check of President Trump’s State of the Union
As President Trump delivers his State of the Union address, reporters from across NPR's newsroom will fact check his speech and offer context.
President Trump set to deliver first State of the Union address of his second term
Facing low approval ratings and ahead of midterm elections in November, President Trump delivers the first State of the Union address of his second term as president Tuesday night.
U.S. House rejects aviation safety bill after Pentagon abruptly withdraws support
The House of Representatives narrowly rejected a bipartisan aviation safety bill that was spurred by the deadly midair collision near Washington, D.C. after the Pentagon abruptly withdrew its support.
