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,” Trump posted on his social media site Truth Social. “This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies. Let’s rip the waste out of our great nations budget, even if it’s a penny at a time.”

Only tradition explains our stubborn attachment to the penny. But sometimes traditions get ridiculous,” the Farmers’ Almanac said in its 1989 edition.

President Donald Trump promised to penny-pinch the federal budget if reelected. Turns out he meant that literally.

Over the weekend, President Trump ordered the U.S. Treasury to stop minting pennies, citing wastefulness. The price of producing a single penny continues to rise, and it now costs almost 3.7 cents to produce a penny, up from 3.1 cents from the year before, according to The Associated Press.

Trump says he'll order the Treasury Department to halt penny production to save money. Costly nickels, however, could cancel out savings.

President Trump says he has directed the Treasury Department to stop minting new pennies, citing the rising cost of producing the one-cent coin."For far too long the United States has minted pennies which literally cost us more than 2 cents.

President Donald Trump wants to end minting the penny, calling it a waste of money. So how much does it cost to make? The U.S. Mint says 3.69 cents.