President Donald Trump has instructed Treasury Secretary Scott Bessent to stop producing pennies, arguing that the cost of making the coin far exceeds its value.

“For far too long, the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump stated on social media.

The decision follows growing calls to eliminate the penny, with critics pointing to the rising costs of metals like zinc and copper. In fiscal year 2024, the U.S. Mint reported that each penny cost about 3.7 cents to produce, a 20% increase from the previous year.

By eliminating penny production, Trump aims to cut unnecessary government spending and streamline the nation’s currency system.