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(WASHINGTON) — The U.S. Treasury Department says it will phase out production of new pennies early next year after President Donald Trump asked the agency to stop producing the coin that has been part of the American currency for more than 230 years.

The Treasury Department said in a statement that the U.S. Mint, which it oversees, will stop producing new pennies once it runs out of blank templates used to make the mostly copper and zinc coins. The agency confirmed that it made its final order of penny blanks this month.

The retirement of the penny, which was first reported by the Wall Street Journal, is expected to save the Treasury Department around $56 million annually in reduced material costs, according to the department’s statement.

“Additional savings will accrue as facility usage is adjusted and other efficiencies are achieved with the reduced production,” the Treasury Department said.

The agency announced the move just months after Trump criticized production of the coin in February as being “wasteful.”

In an announcement in February on his Truth Social platform, Trump said the cost of minting the coin featuring the profile of the country’s 16th president, Abraham Lincoln, is more than twice the currency’s face value.

“For far too long the United States has minted pennies, which literally cost us more than 2 cents. This is wasteful!” Trump wrote. “I have instructed my Secretary of Treasury to stop producing new pennies. Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time.”

According to the U.S. Treasury Department, the cost of producing a single penny has more than doubled in the past 10 years, from 1.3 cents to 3.69 cents in 2024.

Printing a paper $1 bill is cheaper than producing a penny, which, according to the U.S. Mint, is comprised of 97.5% zinc and 2.5% copper and requires a smelting process to mold the metals. According to the Federal Reserve, it costs Treasury’s Bureau of Engraving and Printing 3.2 cents to print a $1 note – less than the cost of minting a penny.

The U.S. Mint reported losing $85.3 million on making pennies in fiscal year 2024, according to the Mint’s annual report to Congress.

The one-cent piece has been part of the fabric of America since 1792. Lincoln’s portrait has been embossed on it for 116 years, according the U.S. Mint’s website.

There are about 114 billion pennies currently in circulation in the United States, but they are severely underutilized, according to the Treasury Department.

“Given the cost savings to the taxpayer, this is just another example of our administration cutting waste for the American taxpayer and making the government more efficient for the American people,” the Treasury Department said in it’s statement.

The move would usually require the approval of Congress. Even though it’s part of the U.S. Treasury, “Congress authorizes every coin and most medals that the U.S. Mint manufactures and oversees the Mint’s operations under its Public Enterprise Fund,” according to the Mint’s website.

However, Laurence H. Tribe, the Carl M. Loeb University professor of constitutional law emeritus at Harvard Law School, told the Associated Press in February that the U.S. Code, a list of general and permanent federal statues, gives Treasury Secretary Scott Bessent the authority to scrap the penny.

“This action seems to me entirely lawful and fully constitutional,” Tribe said.

The penny will become the 12th U.S. currency denomination to be retired, joining the half-cent coin, the 2-cent coin, the 20-cent piece and the “trime” – a silver three-cent piece issued from 1851 to 1873, Caroline Turco, assistant curator of the Money Museum in Colorado Springs, Colorado, told ABC News.

“We retired them for multiple different reasons, but normally because they were not being used or they just became too expensive to produce,” said Turco.

Is it a good idea?

Mark Weller is executive director of Americans for Common Cents, a Washington, D.C., organization that provides research to Congress and the executive branch on the benefits of the penny. He told ABC News that he believes eliminating the coin “is an absolutely horrible idea.”

“It would be bad for consumers and it would be bad for the economy. It really would, in fact, not save money, but it would increase government losses and have some unintended economic consequences,” Weller said.

Weller – who disclosed to ABC News that he is also a lobbyist for companies in various industries, including Artazn, a Tennessee-based manufacturer of zinc products, some of which are used in making pennies – said doing away with the penny would prompt the U.S. Mint to increase production of the nickel.

According to the U.S. Mint, the cost of minting a single nickel is nearly 14 cents, almost three times the coin’s face value and more than three-and-a-half times the cost of minting a penny.

“Without the penny, nickel production could nearly double, which would increase the Mint’s losses,” Weller said. “So, it’s just hard to understand how you could produce more nickels that are losing more money than the penny and say you’re going to save money.”

Weller further said that ditching the penny could lead to the cost of goods going up for American consumers.

“If there’s one thing most economists agree on is that private business has a profit motive. So, the assumption would be that they would price things in a way that they would round up, not round down,” Weller said.

Although digital payments are increasingly more common, Weller said cash remains a crucial tool, “especially for someone economically underserved and under-banked.”

The U.S. Mint produced 3.2 billion pennies in fiscal year 2024, according to the Mint’s annual report to Congress, with an estimated 250 billion pennies currently in circulation.

History of the penny

Turco, whose museum is the education branch of the American Numismatic Association, told ABC News that one big misconception about the penny is that, technically, it has never existed in the United States.

“The American system does not have a ‘penny.’ That is a misnomer,” Turco said. “We have a cent because when we rebelled against the British they had pennies and that is a British word.”

Turco said the 1-cent piece was first produced in the United States in 1792 and was originally the size of the present-day quarter.

Turco said Lincoln, whose likeness is also on the $5 bill, was added to the coin in 1909.

The United States wouldn’t be the first country to eliminate the coin, Turco said. Canada, for example, decided to phase out its penny in 2012. In the U.S., the Department of Defense stopped using pennies at its overseas bases in 1980 because it became too expensive to ship them.

Regardless of the penny’s fate, Turco said she believes it will always be a part of the United States, at least colloquially, adding that such phrases as “a lucky penny” and “a penny saved is a penny earned” will likely always be a part of the American lexicon. Perhaps, ironically, the penny’s value could increase if its discontinued.

“I think collectors will still enjoy having them,” Turco said. “But I don’t think that the value of a penny will just skyrocket overnight.”

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(WASHINGTON) — A federal judge in Boston has blocked the Trump administration from attempting to dismantle the Department of Education.

U.S. District Judge Myong Joun issued a preliminary injunction Thursday that bars the Trump administration from firing half the Department of Education’s workforce.

The order from Judge Joun — a Biden appointee — also prohibits the Department of Education from transferring the management of federal student loans to the Small Business Administration.

The decision marks the first time a federal judge has determined the Trump administration’s sweeping changes to the Department of Education are unlawful.

For now, the order puts a stop to the Trump administration’s effort to fire more than 2,000 Department of Education employees, transfer federal student loan obligations, and otherwise implement the president’s March 20 executive order to “take all necessary steps to facilitate the closure of the Department of Education.”

A group that includes several state attorneys general, schools, and nonprofits challenged Trump’s efforts to reduce the size of the Department of Education last month, arguing the president cannot unilaterally shut down a federal department created by Congress.

Lawyers for the Trump administration argued that the efforts to reduce the Department of Education would make it more efficient, and were separate from Trump’s vow to abolish the department.

Judge Joun was unconvinced. His decision offered a blistering assessment of the Trump administration’s claim that recent changes to the Department of Education are to improve efficiency, rather than carry out Trump’s vow to abolish the Department outright.

“The idea that Defendants’ actions are merely a ‘reorganization’ is plainly not true,” he wrote.

The changes imposed by Trump and Education Secretary Linda McMahon, Judge Joun wrote, “effectively impossible for the Department to carry out its statutorily mandated functions.”

Though Trump has the authority to remove executive officers, the president does not have the power to dismantle entire federal departments outright, he wrote. He also cast doubt on the claim that the legislative effort to abolish the Department of Education was separate from his executive actions.

“Not only is there no evidence that Defendants are pursuing a ‘legislative goal’ or otherwise working with Congress to reach a resolution, but there is also no evidence that the RIF has actually made the Department more efficient. Rather, the record is replete with evidence of the opposite,” the judge wrote, referring to the “reduction in force” firings.

“Consolidated Plaintiffs have demonstrated that the Department will not be able to carry out its statutory functions — and in some cases, is already unable to do so — and Defendants have proffered no evidence to the contrary,” he wrote.

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(NEW YORK) — The 2025 Atlantic hurricane season will likely experience above-average activity, the National Hurricane Center announced on Thursday.

Between 13 and 19 named storms are expected for the 2025 season, which starts on June 1 and lasts until Nov. 30, according to the NHC. Storms are named when become tropical storms or stronger.

Meteorologists at the National Oceanic and Atmospheric Administration predict between six and 10 hurricanes and between three and five major hurricanes, at Category 3 or higher.

This is a developing story. Please check back for updates.

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(NEW YORK) — Longtime gangster Ralph DeLeo, once the purported “street boss” of the Colombo crime family, plotted to “murder no fewer than three people who played roles in his most recent criminal conviction,” federal prosecutors alleged in a new court filing.

DeLeo, 82, was released from prison a year ago under supervised release after he served time for racketeering.

He was arrested earlier this month. It was not clear why until the U.S. Attorney’s office in Boston said in a court filing that DeLeo was “actively planning to kill two current and one former federal official, all of whom were involved in the federal criminal case resulting in DeLeo’s 2012 conviction.”

According to the court filing, DeLeo was asking around for “personal identifying information, including home addresses and names of immediate family members, relating to the federal officials” which he referred to as his “retribution.”

Federal agents said they recovered “hard copy packets” of personal information for the individuals along with “a burglary kit, marijuana, vials of steroids, and a handwritten note regarding silicone masks.”

The burglary kit contained a pry-bar, mini crowbar, bolt cutters, and lock-picking tools, prosecutors said.

The FBI said DeLeo was allegedly “actively communicating with known felons,” including codefendants from the racketeering case that put him in prison.

DeLeo has a “long and violent criminal history” that federal prosecutors said began in the 1970s as an associate of the Patriarca family in Providence.

Prosecutors asked for his detention, arguing he is a danger.

“DeLeo’s criminal history, which includes a conviction for murder, proves that he is more than capable of acting on his threats,” prosecutors said. “DeLeo has been fixated on seeking revenge for years.”

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(MCLEAN, Va.) — A non-fatal shooting was reported outside CIA headquarters in McLean, Virginia, Thursday morning, the Fairfax Police Department said.

The incident happened around 4:00 a.m., a police spokesperson said.

“The main gate is currently closed, employees should seek alternative routes,” a CIA spokesperson said. “Additional details will be made available as appropriate.”

Fairfax police said officers are in the area to direct traffic while the CIA conducts their investigation. There are no road closures at this time.

This is a developing story. Check back for updates.

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(WASHINGTON) — Two members of the Israeli Embassy staff — a couple about to get engaged — were gunned down outside an event at the Capital Jewish Museum in Washington, D.C., on Wednesday in what the FBI believes may be a targeted attack.

The shooting has sparked outrage and has been condemned as an “unspeakable” act of antisemitism after officials said the suspect, who is in custody, shouted “free, free Palestine” following the shooting.

During a press conference on Thursday morning, Israeli Foreign Minister Gideon Sa’ar identified the two embassy staff members who were killed as Yaron Lischinsky and Sarah Lynn Milgrim.

He said the pair were attending a Jewish conference of the American Jewish Committee when they were gunned down “in a horrific terrorist attack.”

“This is the direct result of toxic anti-Semitic incitement against Israel and Jews around the world that has been going on since the October 7th massacre,” Sa’ar added. “I have been worried for the past few months that something like this would happen. And it did.”

An official with the Israeli Ministry of Foreign Affairs confirmed to reporters during the presser that Lischinsky and Milgrim were not diplomats but embassy staff. Lischinsky was a researcher in the political department of the Israeli Embassy, while Milgrim organized U.S. missions to Israel.

The suspect, identified as 30-year-old Elias Rodriguez of Chicago, was promptly taken into custody at the scene and is being questioned by police, Smith said.

The FBI said on Thursday it is conducting “court authorized activity” in Chicago that is believed to be related to the suspect in the shooting.

FBI Deputy Director Dan Bongino said the early indicators point to the shooting being a “targeted attack.”

“The US Attorney’s office is on scene with me, and our WFO management team, at the Washington Field Office reviewing the evidence to determine additional actions,” Bongino said. “The shooting happened a short distance from our Washington Field Office. Our FBI police officer, assigned to the external post on the WFO property, immediately responded and rendered aid after the attack. Early indicators are that this is an act of targeted violence. Our FBI team is fully engaged and we will get you answers as soon as we can, without compromising additional leads.”

After the shooting, officials said Rodriguez attempted to enter the building where the event was taking place and was stopped by event security, Smith said.

Once in custody, he implied that he had committed the shooting and began to chant, “free, free Palestine,” Smith said.

He also explained where he had allegedly ditched the gun used in the shooting, which was promptly recovered, according to officials.

“There is no active threat,” D.C. Mayor Muriel Bowser said during the press conference at the Metropolitan Police Department.

“I want to be clear that we will not tolerate this violence or hate in our city. We will not tolerate any acts of terrorism, and we’re going to stand together as a community in the coming days and weeks to send a clear message that we will not tolerate anti-Semitism.”

Meanwhile, President Donald Trump posted a statement about the shooting on his social media platform, Truth Social, saying “These horrible D.C. killings, based obviously on antisemitism, must end, NOW! Hatred and Radicalism have no place in the USA. Condolences to the families of the victims. So sad that such things as this can happen! God Bless You ALL!”

Emergency call centers began receiving calls around 9:08 p.m. reporting a shooting in the area, Smith said.

When emergency responders arrived, the man and one woman were found at the scene, not breathing, she continued. At least one of the victims was first transported to a local hospital in critical condition, sources told ABC News.

The two victims had been exiting the event at the museum when the incident occurred, officials confirmed.

“The couple that was gunned down tonight were about to be engaged,” Israeli ambassador to the United States Yechiel Leiter said at the press conference. “The young man purchased a ring this week with the intention of proposing next week in Jerusalem.”

He also shared that he had received a call from President Donald Trump on Wednesday evening, pledging the support of the U.S. in combating antisemitism.

Ted Deutch, CEO of the American Jewish Committee, confirmed with ABC News that the AJC had hosted an event at the museum on Wednesday night, adding, “We are devastated that an unspeakable act of violence took place outside the venue. At this moment, as we await more information from the police about exactly what transpired, our attention and our hearts are solely with those who were harmed and their families.”

The incident took place near the FBI field office in D.C. A top spokesperson for the FBI posted on X that there was a bureau presence at the scene working in conjunction with the Metropolitan Police Department.

Attorney General Pam Bondi and interim U.S. Attorney for the District of Columbia Jeanine Pirro went to the scene shortly after the incident, Bondi said in a post on X.

“Praying for the victims of this violence as we work to learn more,” she wrote.

Israeli Prime Minister Benjamin Netanyahu’s office issued a statement in the aftermath of the shooting saying he was “shocked” at the murder of two employees of the Israeli Embassy in Washington, D.C.

“The Prime Minister spoke with Israel’s Ambassador to the United States, Yechiel Leiter, and received an immediate update on the details of the incident,” the statement said. “The Prime Minister sends strength to the Ambassador and the embassy employees.”

“My heart aches for the families of the beloved young man and woman, whose lives were cut short by a heinous anti-Semitic murderer,” Netanyahu said. “I have instructed to increase security arrangements at Israeli missions around the world and security for representatives of the state.”

Meanwhile, in Washington, D.C., the Secret Service on Wednesday night increased the security posture and patrols for the Israeli Embassy and the residence of the Israeli ambassador, officials said.

In New York City, the NYPD expanded its presence and security measures at Jewish and Israeli facilities and locations connected with the Israeli government. The increased security will remain in place indefinitely and is both visible and hidden, officials said.

Danny Danon, the Israeli ambassador to the United Nations, called the shooting a “depraved act of anti-Semitic terrorism” in a post on X.

“Harming diplomats and the Jewish community is crossing a red line,” he wrote.

United States Department of Homeland Security Secretary Kristi Noem said on X, “We are actively investigating and working to get more information to share. Please pray for the families of the victims. We will bring this depraved perpetrator to justice.”

Former Vice President Kamala Harris and former second gentleman Doug Emhoff shared reactions to the incident on social media Thursday morning, with Harris calling the attack a “shocking act of antisemitic violence.”

“Jews must be able to gather without fear or violence. We will not be silent and we will never let antisemitic terror defeat us. May the memory of Yaron and Sarah be a blessing,” Emhoff, who is Jewish and worked to combat antisemitism as second gentleman, wrote on X.

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(SAN DIEGO) — A small plane has crashed in a neighborhood of San Diego on Thursday morning, starting a large fire and damaging at least 15 homes and multiple cars, fire officials said Thursday.

Officials are working to to get everybody out of the neighborhood and they will be going home to home to find out if there is anybody inside, San Diego Assistant Fire Chief of Emergency Operations Dan Eddy said at a press conference, referring to it as “like a movie scene.”

The plane directly hit multiple homes and cars, setting them ablaze, before running down the street, Eddy said.

No patients have been transported as of now, with officials searching to see if anyone is inside the impacted area, Eddy said.

The small private jet crashed seconds before landing at about 3:45 am. local time, according to the Federal Aviation Administration.

The plane was flying from Wichita to Montgomery Gibbs Executive Airport when it crashed. It was roughly 500 feet in the air at its last radar check-in, according to the FAA.

“A Cessna 550 crashed near Montgomery-Gibbs Executive Airport in California, around 3:45 a.m.local time on Thursday, May 22. The number of people on board is unknown at this time,” the FAA said in a statement.

Residents have been instructed to avoid the area near near Sculpin Street and Santo Road as crews work.

This is a developing story. Please check back for updates.

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