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President Trump recently ordered the U.S. Mint to stop producing pennies, for a simple-sounding reason. Each penny, he said, has “literally cost us more than 2 cents.”

He’s right. Since 2006, the government has spent more money minting pennies than those pennies have been worth.

U.S. Mint profit per penny made Source: U.S. Mint annual reports. Total unit cost includes administrative and distribution costs.

The production costs of coins can be confusing. A nickel is worth half as much as a dime but costs twice as much to mint. A penny, which used to cost less than 1 cent to make, now costs 3.7. In 2011, a quarter was cheaper to make than a nickel; today the two coins cost about the same.

Cost to produce coins Penny Nickel Dime Quarter Source: U.S. Mint annual reports. Total unit cost includes administrative and distribution costs.

It’s almost impossible to meaningfully lower the costs of coin production. If savings is the top priority, stopping production altogether is the only real option, for the simple reason that production costs are tied to the prices of specific materials (mostly zinc for pennies, mostly copper for nickels). Rhett Jeppson, a former chief executive of the U.S. Mint, said he saw some interesting proposals in his time there, including the idea of making pennies out of plastic, but nothing that could be put into practice.

66br Net profit or loss in 2024 COIN PROFIT PER COIN   x MINTED IN 2024   = TOTAL NET PROFIT Pennies -2.7¢ 3,172 mil. $85 mil. loss Nickels -8.8¢ 202 mil. $18 mil. loss Dimes 4.2¢ 840 mil. $36 mil. profit Quarters 10.3¢ 1,605 mil. $166 mil. profit Total $98 mil. profit Source: U.S. Mint annual reports. Values are rounded. U.S. Mint profit for common coins Source: U.S. Mint annual reports. Total unit cost includes administrative and distribution costs.

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