Racine coin shop shares a President Trump's order to stop minting new pennies

RACINE, Wis. (CBS 58) -- 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.

In a post on his Truth Social site, President Trump said he instructed his secretary of the U.S. Treasury to stop producing new pennies, calling them "wasteful."

The US Mint reported losing over $85 million in the 2024 fiscal year that ended in September on the nearly 3.2 billion pennies it produced. 

We spoke with the owners of American Coin & Jewelry in Racine and they agree that this move was long overdue. 

"A penny is nothing, you know, not how it was like 50 years ago when penny was worth something," said Bill Spencer, co-owner of American Coin & Jewelry.

"You can't get away from them, they're all around. No matter where you go, you're going to find a penny," said co-owner Sherry Spencer.

The owners also think the nickel could be next, as the mint loses money on producing that coin as well.

It's unclear if President Trump has the power to do this. Our country's currency specifications are dictated by Congress. 

This is the latest in what has been a series of executive orders and proclamations from the president on a wide range of issues.