New York CNN —
Elon Musk’s Department of Government Efficiency has a new target to cut down costs: the US penny.
DOGE said on X that the penny costs over 3 cents to make and cost US taxpayers over $179 million in the 2023 fiscal year. “The Mint produced over 4.5 billion pennies in FY2023, around 40% of the 11.4 billion coins for circulation produced,” the post read in part.
The US Mint in 2023 reported it circulated around 4.1 billion pennies. In fiscal year 2024, the US Mint said in its annual report that
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