WASHINGTON (TNND) — The newly formed Department of
Government Efficiency, led by Elon Musk (above) suggests
cutting penny production to save money.

Musk said…” the penny costs over 3 cents to make and cost
US taxpayers over $179 million in 2023.”

The U.S. Mint reported a loss of $179 million in 2023 from
penny production, having produced over 4.5 billion pennies
that year. This financial loss has sparked debates about
whether the penny should remain in circulation.

The first U.S. cent was produced in 1787 and has been the
lowest face-value physical unit of U.S. currency since the
abolition of the half-cent in 1857.