Overview

• The U.S. penny costs over 3 cents to produce, resulting in $179 million in taxpayer expenses during fiscal year 2023.
• DOGE, the Department of Government Efficiency created by President Trump, aims to identify and reduce government inefficiencies under Elon Musk's leadership.
• The penny, made mostly of zinc with a copper coating, has seen rising production costs due to increased material prices, particularly zinc, which has doubled in cost since 2016.
• While other nations like Canada have eliminated low-value coins, removing the penny in the U.S. would require Congressional approval or a decision by the Treasury Secretary.
• DOGE's broader goal is to cut $500 billion in federal spending annually, but penny production represents a small fraction of potential savings.