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 Truth Social. “This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies.”
During an appearance on “Varney & Co.,” Monday, O’Leary said the president is “right” in his request to stop minting.
“It’s stupid. Why would you pay $0.02 for a commodity that’s worth one?,” O’Leary questioned.
In fiscal year 2024, the US had 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 a quarter, according to 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 Department of Government Efficiency (DOGE), which is led by billionaire Elon Musk, posted on ‘X’ that producing the penny is costing American taxpayers tens of millions of dollars, suggesting that it may be one of the items the department may consider eliminating.
However, there are some critics who are pushing back on this move by the president.
Americans for Common Cents Executive Director Mark Weller told FOX Business that “eliminating the penny will cost the government more — not less.”
He went on to mention 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.”
In the US, the penny was one of the first coins made by the US Mint after its establishment in 1792.
When it was first produced, the coin was larger and made of pure copper.
Today’s smaller coin is made mostly of zinc, according to the US Mint.
Fox News’ Greg Wehner and FOX Business’ Daniella Genovese contributed to this report