$70M “vanishes” to print pennies each year as it costs nearly 4¢ to make 1 penny. (Doesn’t actually vanish, goes to penny maker’s pockets)

Does the president really have the power to stop penny printing?

Maybe.

The president is to execute laws passed by congress. Congress passes vague laws.

One example is what coins to print. However, how many to print is left out, just that it should be “the necessary amount”

So Trump decided that the necessary amount was 0.

However, if Congress disagrees with the interpretation, then it goes to the courts.

The courts will ask if there is a precedent… which for the penny specifically - there isn’t really.

Existing precedent is about rarely used speciality / collector coins which previous presidents used the same method to reduce / eliminate production.