He’s right — in fact, each US penny costs 3.7 cents to produce and distribute as of 2024. Pennies and nickels cost more than they were worth for the 19th consecutive fiscal year, according to ...

But Elon Musk’s Department of Government Efficiency raised the prospect in a post on X last month highlighting the penny’s cost. The U.S. Mint reported losing $85.3 million in the 2024 fiscal ...

Now, it is a target of Trump's federal cost-slashing efforts. Here is what we know so far. A new penny-pinching tactic?Elon Musk's DOGE says getting rid of the penny could cut costs Need a break?

President Trump wants to end production of the penny It takes about 3.7 cents to ... the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” ...

And according to their 2014 report: “There are no alternative metal compositions that reduce the manufacturing unit cost of the penny below its face value.” While other countries have also ...