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A14 BUSINESS
Tuesday 11 February 2025
So long, penny! Trump orders US to ditch 1-cent coin after

decades of complaints

By ALAN SUDERMAN Congress, which dictates
AP Business Writer currency specifications like
RICHMOND, Va. (AP) — The the size and metal con-
lowly penny, the forgot- tent of coins, could make
ten mainstay of coin jars Trump’s order permanent
and car cupholders every- through law. But past con-
where, may soon be no gressional efforts to ditch
more. the penny have failed.
President Donald Trump Pennies are mostly made
announced Sunday he’s of zinc, and the American
ordered his administration zinc lobby has been a ma-
to cease production of the jor opponent to sugges-
1-cent coin, whose buying tions that the penny be
power is long past its prime. eliminated.
Advocates for ditching the How many pennies are in
penny cite its high produc- circulation?
tion cost currently almost 4 It depends on what you
cents per penny, accord- mean by circulation.
ing to the U.S. Mint and Pennies are the most popu-
limited utility. Fans of the lar coin made by the U.S.
penny cite its usefulness in Mint, which reported mak-
charity drives and relative ing 3.2 billion of them last
bargain in production costs year. That’s more than half
compared with the nickel, of all the new coins it made
which costs almost 14 cents A lone penny is illuminated in a bin of completed pennies at the U.S. Mint in Denver, Aug. 15, 2007. last year.
to mint. Associated Press MIT professor Jeff Gore,
Trump’s surprise order who founded Citizens to
comes after decades of order. Can Trump really sury Secretary the author- “Unlike a lot of what the Retire the Penny, said coins
unsuccessful efforts to pitch order the Treasury to stop ity to mint and issue coins new administration has are supposed to stay in cir-
the penny. minting pennies without “in amounts the secretary been doing pursuant to the culation for about 30 years
“Only tradition explains our Congress’ approval? decides are necessary to flood of executive orders and that in the last three
stubborn attachment to Yes, according to legal meet the needs of the Unit- since Jan. 20, this action decades the U.S. Mint has
the penny. But sometimes scholar Laurence H. Tribe, ed States.” seems to me entirely law- made about 250 billion
traditions get ridiculous,” the Carl M. Loeb University If Treasury Secretary Scott ful and fully constitutional,” pennies. But, he says, “be-
the Farmers’ Almanac said Professor of Constitutional Bessent decides the Tribe said, referring to the cause nobody wants to use
in its 1989 edition. Law Emeritus at Harvard amount necessary for the aggressive executive ac- pennies, they fall out of ac-
Here’s a look at some ques- University. penny is zero, he’s within his tion Trump’s taken on other tive circulation much faster
tions surrounding Trump’s U.S. code gives the Trea- legal rights, Tribe said. issues since taking office. than other coins.”q

Stricter lobster fishing rules scrapped after complaints from

fishermen about harm to industry

By PATRICK WHITTLE in the wake of months of this summer that increased The elimination of the new The commission adopted
Associated Press protest from lobster fisher- the minimum legal harvest size standards will require rules in 2023 that stated le-
PORTLAND, Maine (AP) — men that the rules were size for lobsters in some of the fishing industry to come gal harvesting size for lob-
Fishing industry regulators unnecessary and would the most important fishing up with strategies to pro- sters would become more
have decided to scrap bankrupt harvesters. grounds in the world. The tect the lobster population, strict if the lobster stock in
stricter new lobster fishing The regulators were plan- Atlantic States Marine Fish- said Patrick Keliher, chair the gulf showed a decline
standards off New England ning to institute new rules eries Council, which man- of the commission’s lobster of 35%.
ages the fishery, said the board. Officials also said in 2023
changes were important “This action being con- that the stock declined by
to preserve the future of a sidered by the board will nearly 40% when compar-
lobster population that has require the Gulf of Maine ing 2020-22 to 2016-18. The
shown recent signs of de- lobster industry to develop decline took place in an
cline. Many commercial management strategies to era when the Gulf of Maine
fishermen adamantly op- ensure the long-term health is warming faster than most
posed the changes, which of the resource and the of the world’s oceans. Sci-
would have required them coastal communities that it entists have said that can
to throw back previously supports,” Keliher said. affect the health and re-
market-ready lobsters. An The size change was set production of lobsters.
arm of the commission vot- to apply to the Gulf of The nation’s haul of lob-
ed on Feb. 4 to initiate a re- Maine, a piece of ocean sters has declined in recent
peal of the new rules in the off New England that is vi- years, though the catch
face of “fervent industry tal to American fisheries is still high compared to
concerns about the poten- and home to some of the historic data. The catch
Max Oliver moves a lobster to the banding table aboard his boat tial economic impacts” of world’s most popular sea- declined about 11% from
while fishing off Spruce Head, Maine, on Aug. 31, 2021. the changes, the commis- food species, such as lob- 2021 to 2023, federal data
Associated Press sion said in a statement. ster, haddock and clams. state.q