Elon Musk’s Department of Government Efficiency (DOGE) has set its sights on an unexpected target: the humble US penny. In a recent post on X, DOGE revealed that producing a single penny costs more than 3 cents, adding up to a whopping $179 million in taxpayer expenses for the 2023 fiscal year. That’s a lot of change—literally.

According to the post, the US Mint churned out over 4.5 billion pennies last year, making up nearly 40% of all coins produced for circulation. But here’s the kicker: the cost to make and distribute each coin has jumped by more than 20% in 2024, now sitting at 3.7 cents. Rising prices for metals like zinc and copper are partly to blame.

This isn’t the first time someone’s suggested ditching the penny. For years, critics have argued that the coin is more of a hassle than it’s worth. Most pennies end up collecting dust in jars or sock drawers instead of being used for transactions. And with more people shopping online or ditching cash altogether since the pandemic, the penny’s relevance is fading fast.

The idea even made its way into pop culture decades ago. Remember Sam Seaborn’s rant about pennies in The West Wing? He wasn’t wrong—most pennies don’t circulate. More recently, a New York Times Magazine piece called for abolishing the coin, calling it a symbol of deeper inefficiency.

Getting rid of the penny could also save businesses time. Experts estimate that eliminating pennies could shave 2 seconds off every cash transaction. That might not sound like much, but across the convenience store industry alone, it could add up to 1,203 days of saved time annually.

Musk’s involvement in government efficiency is part of a broader push under the new Trump administration, which recently established DOGE as a federal department. While co-founder Vivek Ramaswamy has reportedly stepped down, Musk remains at the helm, taking on challenges like the penny—one small (but costly) coin at a time.