Elon Musk’s Department of Government Efficiency (DOGE) is targeting the U.S. penny for cost-cutting as part of efforts to trim federal spending.

Musk highlighted that it costs over 3 cents to mint each penny, which is worth just 1 cent, resulting in a $179 million cost to taxpayers in 2023.

While debates over the penny’s cost have persisted for years, the issue has become more urgent as minting costs have risen.

DOGE, part of a broader initiative to reduce federal spending by $500 billion annually, also faces challenges, with co-leader Vivek Ramaswamy stepping down to run for Ohio governor, CBS News has reported.

While some countries, like Canada, have stopped minting their low-value coins, eliminating the penny in the U.S. could lead to complications with price rounding and economic impacts.

Written by B.C. Begley