KEY TAKEAWAYS President Donald Trump said he has instructed the US Treasury Secretary to stop minting new pennies, citing the coin's cost of production.The U.S. president said in a Truth Social post that the cost to produce the penny—at more than 2 cents—was "so wasteful.

President Trump said he wants the U.S. Treasury to stop making pennies. Can he do a penny drop? Does it need Congressional approval? What we know.

For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!”