Every penny costs 3.7 cents to manufacture and the U.S. Treasury lost $85.3 million in 2024 producing them, the U.S. Mint reported. Congress sets currency specifications, so it's unclear whether Mr. Trump has the power to eliminate the penny, but the president might be able to stop the Treasury from minting them.

On Sunday, Trump says he instructed Treasury Secretary Scott Bessent to cease production of the penny to further the goal of reducing unnecessary government spending. “For far too long the United States has minted pennies which literally cost us more than 2 cents.