President Donald Trump said he has instructed the Treasury Department to stop minting new pennies, citing rising costs for producing single-cent coins.

"For a long time, the United States has minted a few cents, which actually cost us 2 cents. It's a waste!" Trump wrote on his truth social networking site Sunday night. “I have instructed my U.S. Treasury Secretary to stop producing new pennies.”

Trump's move is the latest effort by his new administration to quickly work through executive orders and proclaim issues ranging from immigration to gender and diversity to the name of the Gulf of Mexico.

Trump has not discussed his desire to eliminate a penny during the campaign. But Elon Musk’s so-called government efficiency division raised the outlook in a post on X last month, highlighting the cost of a cent.

The U.S. Mint reported losing $85.3 million in the fiscal year 2024 ended in September, with nearly 3.2 billion pennies it produced. The price per cent is nearly $0.037, up from $0.031 the previous year.

The Mint also lost nickel money, and each of the $0.05 coins cost nearly $0.14.

It is not clear whether Trump has the right to unilaterally eliminate the low single cent coins. Currency specifications - including the size and metal content of the coin - are decided by Congress.

But Northeastern economics professor Robert K. Triest argues there may be a swinging room.

"The process of stopping a penny in the United States is not clear. This may require Congressional actions, but the Treasury Secretary may be able to simply stop the casting of new pennies," he said last month.

Members of Congress have repeatedly introduced legislation to plating copper with gold. According to the Congressional Research Services, proposals over the years have tried to temporarily suspend production, eliminate it from circulation, or ask for a price to be rounded to the closest five cents.

Advocates of Elimination Coins cite the fact that cost savings, faster checkouts on cash registers, and the fact that many countries have eliminated their single cent coins. For example, Canada stopped minting in 2012.

This won't be the first time the United States has eliminated its lowest precious coin. The half-cent coin was suspended by Congress in 1857.

Trump's new administration focuses on cutting costs, Musk was taken to lead the mission to target the entire agency and most of the federal workforce as he tries to determine savings of $2 trillion Target.

"Even if it's a penny at a time, let's eliminate waste from our big power budget," Trump wrote in his post.

Trump sent a message as he left New Orleans after watching the first half of the Super Bowl.