President Donald Trump directed the U.S. Treasury to stop minting new pennies, calling it wasteful as each costs nearly 3.7 cents to produce, resulting in an $85.3 million loss in 2024.

Axar.az, citing AP, reports that the move follows a post by Elon Musk’s Department of Government Efficiency, though Trump hadn’t mentioned the penny during his campaign.

While Congress sets coin specifications, experts suggest the Treasury Secretary might have the authority to halt production. Congress has debated eliminating the penny before, citing cost savings and efficiency, as Canada did in 2012. Trump framed it as part of his broader $2 trillion cost-cutting agenda, saying, “Let’s rip the waste out… even if it’s a penny at a time.”