[b0in]

The "coinage clause" of the Constitution.

https://constitution.findlaw.com/article1/annotation37.html

> Article I, Section 8, Clause 5 is known as the coinage clause. It gives Congress the exclusive power to coin money. The Supreme Court has also interpreted clause 5 as giving Congress the sole authority to regulate every aspect of United States currency.

That supreme court interpretation is from 1820 so it's both "settled law" and "an outdated ruling", depending on who you ask.

[firesteelrain]

This doesn't eliminate the penny, just pausing production of it. If he had unilaterally declared the penny no longer valuable then that would be unconstitional and require an act of congress

[Salgat]

The distinction you make is irrelevant since both are under Congress' responsibility. The president has no constitutional authority to determine which currency is minted and how much of it is minted.

[dark_glass]

Congress does not mint coins, and this order does not coin new currency. They are separate concerns.

[cheeseomlit]

Doesnt that make the fed unconstitutional as well?

[NoGravitas]

No, but only because it was officially created by act of Congress: https://en.wikipedia.org/wiki/Federal_Reserve_Act