Donald Trump has ordered the US Treasury to stop minting new pennies, citing that each one-cent coin costs 3.69 cents to produce — leading to an $85.3 million loss in 2024 alone. The move follows a push by Elon Musk’s Department of Government Efficiency and mirrors similar decisions in Canada and Europe.

U.S. Treasury Secretary Scott Bessent has been ordered to cease production of the one-cent coin known as the penny, President Donald Trump said in a posting on his Truth Social media account on Sunday.

One-cent U.S. coin known as the penny is shown in this illustration picture, after U.S. President Trump informed on his Truth Social media account that he instructed the Secretary of the US Treasury to stop producing new pennies,