President Donald Trump has fired the penny, directing the U.S. Treasury to stop producing the one-cent coin, which he called an unnecessary and costly expense. Trump made the announcement Sunday night during the fourth quarter of the Super Bowl, declaring that the coin was more expensive to produce than its actual value.

“For far too long, the United States has minted pennies which literally cost us more than 2 cents,” Trump stated on Truth Social. “This is so wasteful! I have instructed my Secretary of the U.S. Treasury to stop producing new pennies. Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time.”

The Department of Government Efficiency (DOGE), led by billionaire Elon Musk, previously highlighted the financial burden of producing pennies. According to DOGE, the U.S. Mint spent over $179 million making pennies in fiscal year 2023, with each penny costing over three cents to manufacture. The agency hinted last month that eliminating the penny could be an effective way to cut spending.

The debate over the penny’s usefulness has been ongoing for years. Canada eliminated its one-cent coin in 2012, citing high production costs and low practical use. In the U.S., studies have shown that pennies often drop out of circulation, with former U.S. Mint Director Philip Diehl estimating that two-thirds of pennies minted between 1969 and 1999 are no longer in use.

Economists have argued that removing the penny would have little impact on daily transactions. Some suggest rounding cash transactions to the nearest five cents, as Canada has done, while digital and card transactions would continue using exact pricing.

Trump also announced that February 9 will now be recognized as Gulf of America Day, following his decision to rename the Gulf of Mexico as the Gulf of America. The move aligns with his past actions, including restoring Mount McKinley’s name after the Obama administration had changed it to Denali.