President Donald Trump announced Sunday he’s ordered his administration to cease production of the 1-cent coin, whose buying power is long past its prime.

The President took to social media to say he thinks we should stop minting new pennies, calling the 1-cent coin 'wasteful'. The President cited the cost of making a penny and that it doesn't make financial sense.

President Donald Trump says he has directed the Treasury Department to stop minting new pennies, citing the rising cost of producing the one-cent coin.

President Donald Trump said he wants to end the production of pennies, calling them “wasteful.” Each coin costs more than 3 cents to produce.

This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies," Trump wrote. "Let's rip the waste out of our great nation's budget, even if it's a penny at a time,

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Trump said he wants the Treasury Department to stop minting pennies because of their high manufacturing costs.