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U.S. Treasury Aims to Cut Nickel Costs, Plans Penny Elimination as Dime Production Remains Profitable

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Updated May 7, 2025, 12:28 AM

U.S. Treasury Secretary Bessent has announced that the Treasury is considering changes to the materials used in the production of nickels in an effort to reduce costs to under 5 cents. The current cost of producing a nickel exceeds its face value of 5 cents, prompting the review.

Bessent also confirmed that the Treasury is moving forward with plans to eliminate the penny, which costs more than 1 cent to produce. This move aligns with President Trump's call for the discontinuation of the penny.

In contrast, the production of dimes remains profitable, according to Bessent. This statement comes amid ongoing discussions in Congress about legislation aimed at phasing out the penny, reflecting a broader debate on the future of U.S. coinage.

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yourerie.com wavy.com myhighplains.com wbtw.com

JET/FOX/YourErie.com

@JET24FOX66

Yet another piece of legislation targeting the penny has been introduced in Congress, offering insight into the renewed fight to ditch our one-cent coin https://t.co/C8NR7sRRXT

WAVY TV 10

@WAVY_News

Yet another piece of legislation targeting the penny has been introduced in Congress, offering insight into the renewed fight to ditch our one-cent coin. If you’re a penny collector, it may leave you wondering if your change will gain sudden value. https://t.co/0G5KlnxEYK

KAMR Local 4 News

@KAMRLocal4News

Yet another piece of legislation targeting the penny has been introduced in Congress, offering insight into the renewed fight to ditch our one-cent coin. https://t.co/ppX3wvfQqv

Story Timeline

18 days ago•Latest version

U.S. Treasury Aims to Cut Nickel Costs, Plans Penny Elimination as Dime Production Remains Profitable

18 days ago•Original version

Treasury Secretary Bessent Seeks Material Changes to Cut Nickel Costs Below Five Cents Amid Penny Elimination Efforts

U.S. Treasury Aims to Cut Nickel Costs, Plans Penny Elimination as Dime Production Remains Profitable

Related Prediction Markets

Trump's face on paper money before July?

How much spending will DOGE cut in first 6 months?

Sources

Story Timeline

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