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.

Data from the U.S. Treasury shows that it costs nearly 4 cents to produce a single penny and nearly 14 cents to produce a nickel.

President Donald Trump promised to penny-pinch the federal budget if reelected. Turns out he meant that literally.