President Trump plans to eliminate the minting of new pennies. (Olivia Oxley via AP)
The Department of Government Efficiency (DOGE), which is led by billionaire Elon Musk, posted on X last month that producing the penny is costing American taxpayers tens of millions of dollars, suggesting that it may be one of the items it may consider eliminating.
Trump said the penny "cost us more than 2 cents" to mint. (Donald Trump 2024 campaign)
According to the U.S. Mint, each penny costs 3.69 cents to produce in fiscal year 2024, costing taxpayers $119 million. This marked the 19th consecutive year in which production exceeded its face value.
3 REASONS WHY ELON MUSK WANTS TO GET RID OF THE PENNY
Elon Musk is leading the Department of Government Efficiency. (Anna Moneymaker/Getty Images)
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In the U.S., the penny was one of the first coins made by the U.S. Mint after its establishment in 1792. When it was first produced, the coin was larger and made of pure copper. Today’s smaller coin is made mostly of zinc, according to the U.S. Mint.
Fox News Digital’s Daniella Genovese contributed to this report.
Greg Wehner is a breaking news reporter for Fox News Digital.
Story tips and ideas can be sent to Greg.Wehner@Fox.com and on Twitter @GregWehner.
https://www.foxnews.com/politics/trump-says-he-has-instructed-us-treasury-stop-minting-new-pennies-this-so-wasteful