Extra: Should America Go 'Penniless'?

The Fox News Rundown

FOX News Podcasts

News, Daily News, Politics

3.4 • 1.7K Ratings

🗓️ 16 February 2025

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

One of President Donald Trump's many actions in his first three weeks included directing the US Treasury Department to stop minting new pennies. There’s been a movement to get rid of the pennies of years, partly because, according to some estimates, the one-cent coin costs nearly four cents to produce, and the US Mint reported they lost $85.3 million last year making them. Former Director of the United States Mint, Philip Diehl, joined Dave Anthony to discuss why he’s long been advocating for getting rid of the penny, Diehl explained how the change could impact the American economy. He also discussed why there’s a case to get rid of the nickel and why coin and paper currencies will serve a purpose despite the popularity of crypto. We often must cut interviews short during the week, but we thought you might like to hear the full interview. Today on Fox News Rundown Extra, we will share our entire interview with Former Director of the United States Mint, Philip Diehl, allowing to learn more about the penny, and the potential future of American currency. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:30.6	This is the Fox News Rundown, Extra.
0:38.6	I'm Dave Anthony.
0:41.9	Today, something that makes sense.
0:43.5	Pitching the penny.
0:49.6	The other day, President Trump ordered his Treasury Secretary to stop producing pennies.
0:55.6	Writing on Truth Social, it's wasteful, since it costs more than two cents to make one.
1:04.5	Now, we've been making the penny since President Washington in 1792, and we produced about $3 billion a year.
1:10.4	The president is not alone, by the way, thinking the penny is no longer worthwhile.
1:15.4	The director of the U.S. mint during President Clinton's administration in the 1990s,
1:16.9	wanted to stop producing pennies.
1:23.8	And we talked to Philip Deal about the penny and its costs, and about nickels and dollar coins,
1:28.6	even gold and cryptocurrency, which made our conversation far too long to fit into the rundown podcast that we posted on Wednesday. So today you get to hear what you missed, the
1:33.9	entire discussion. We post two of these extras every weekend in addition to our daily
1:39.3	rundown podcast. So please keep coming back. There is always something new to listen to. We appreciate and thank you for being here.
1:46.9	And now, Philip Deal on the Fox News Rundown Extra.
1:55.6	Joining us on the Fox News rundown is Philip Deal, former director of the U.S. Mint back from 1993 to 2000.
2:03.1	He's currently president of the U.S. Money Reserve, a firm specializing in gold and other precious metals.
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