Trump says he has instructed US Treasury to stop minting new pennies: ‘This is so wasteful!’

President Donald Trump announced plans to put a stop to producing pennies, which cost more than their value to make.

‘For far too long, the United States has minted pennies which literally cost us more than 2 cents,’ Trump wrote on Truth Social. ‘This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies.’

He added, ‘Letâ€s rip the waste out of our great nationâ€s budget, even if itâ€s a penny at a time.’

This is the presidentâ€s latest move to reduce spending in the U.S. after taking office on Jan. 20.

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. 

Muskâ€s initiative, aimed at cutting $2 trillion in federal spending, didnâ€t directly state that the penny would be eliminated, but highlighted that it costs three times more to make than itâ€s actually worth.

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. 

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. Todayâ€s smaller coin is made mostly of zinc, according to the U.S. Mint.

Fox News Digitalâ€s Daniella Genovese contributed to this report.