WASHINGTON (TNND) — President Donald Trump directed the U.S. Treasury to stop minting new pennies and to "rip the waste out of our great nations budget."

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

Trump has not previously mentioned wanting to eliminate the penny but Elon Musk's Department of Government Efficiency (DOGE) highlighted the penny's cost in a post last month.

The U.S. Mint reported losing $85.3 million in the 2024 fiscal year that ended in September on the nearly 3.2 billion pennies it produced. Every penny cost nearly $0.037 — up from $0.031 the year before.

The mint also loses money on the nickel, with each of the $0.05 coins costing nearly $0.14 to make

It is unclear whether Trump has the power to unilaterally eliminate the lowly one-cent coin. Currency specifications -- including the size and metal content of coins -- are dictated by Congress.

The half-cent coin was discontinued by Congress in 1857.

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Editor's note: The Associated Press contributed to this article.