President Donald Trump is one cent away from scrapping the US penny and ‘Shark Tank’ star Kevin O’Leary is agreeing with him.
“For far too long, the United States has minted pennies which literally cost us more than 2 cents,” Trump wrote on Reality Social. “This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies.”
Throughout an look on “Varney & Co.,” Monday, O’Leary mentioned the president is “right” in his request to cease minting.
“It’s stupid. Why would you pay $0.02 for a commodity that’s worth one?,” O’Leary questioned.
In fiscal 12 months 2024, the US needed to pay $3.69 to make one penny, $5.76 to make a dime, $13.78 to make a nickel and $14.68 to make 1 / 4, based on the US Mint.
“Who uses a penny anyways? Unless you’re putting them in your loafers and nobody does that anymore. Get rid of it. It’s useless,” O’Leary expressed.
The Division of Authorities Effectivity (DOGE), which is led by billionaire Elon Musk, posted on ‘X’ that producing the penny is costing American taxpayers tens of hundreds of thousands of {dollars}, suggesting that it could be one of many objects the division might think about eliminating.
Nevertheless, there are some critics who’re pushing again on this transfer by the president.
People for Frequent Cents Government Director Mark Weller informed FOX Enterprise that “eliminating the penny will cost the government more — not less.”
He went on to say that “without the penny, nickel production could double, compounding the Mint’s financial losses. Any structural change to US coinage should include revamping the nickel and evaluating Mint overhead.”
Within the US, the penny was one of many first cash made by the US Mint after its institution in 1792.
When it was first produced, the coin was bigger and product of pure copper.
Immediately’s smaller coin is made principally of zinc, based on the US Mint.
Fox Information’ Greg Wehner and FOX Enterprise’ Daniella Genovese contributed to this report
