The days of the penny may be coming to an end.

In a post on X, President Trump’s Department of Government Efficiency, DOGE, led by billionaire Elon Musk, took aim at the cost of minting the 1-cent coin, a price tag that’s increased 20% in the last year.

“The penny costs over 3 cents to make and cost US taxpayers over $179 million in FY2023. The Mint produced over 4.5 billion pennies in FY2023, around 40% of the 11.4 billion coins for circulation produced. Penny (or 3 cents!) for your thoughts,” the message said.

According to jmbuillion.com, 2023′s penny production fell to 4.52 billion, the lowest annual amount since 2010. Despite the decrease, pennies accounted for 40% of total coin production in 2023. Meanwhile, the coin itself costs three times as much as its worth, driven in part of the high price of copper and zinc used in the minting.

Elimination of the penny would likely require Congressional action or, as Business Insider indicated, the Treasury secretary could opt not to make anymore.

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Other countries, including Canada and Australia, have already made the switch away from minting its smallest denomination coins.

History of the 1-cent coin

In production since 1793, the penny is one of the oldest U.S. coins. The first penny had a design of a woman with flowing hair to symbolize liberty, the U.S. Mint explained, an image that remained for more than 60 years. The composition, originally pure copper, was changed to a mix of copper and nickel in 1857, followed by a redesign that included a flying eagle and a wreath followed by the “Indian Head” design from 1859 to 1909.

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In 1909, Abraham Lincoln became the first president featured on coins in honor of his 100th birthday. The image of the 16th president remains of the penny’s obverse, or heads, while the reverse, or tails side, has had a union shield with 13 vertical stripes and the national motto to represent Lincoln’s preservation of the U.S. as single nation since a 2010 redesign.