The U.S. Mint produces more than 13 billion pennies each year, although the official name is the “cent” not penny.

President Donald Trump said he wants to end the production of pennies, calling them “wasteful.” Each coin costs 3.7 cents to produce.

President Trump said Sunday he had asked the U.S. Treasury Department to stop minting new pennies, part of an effort to cut down on what he called wasteful government spending. His remarks revived a long-running debate over whether to get rid of the smallest denomination of U.

President Trump says he has directed the Treasury Department to stop minting new pennies, citing the rising cost of producing the one-cent coin."For far too long the United States has minted pennies which literally cost us more than 2 cents.