Musk isn’t introducing a novel idea. For years, people have advocated eliminating the penny, as pennies are rarely spent as change. And since the Covid-19 pandemic, more consumers are shopping online or avoiding physical currency altogether .

A penny-pinching tactic proposed by Elon Musk's Department of Government Efficiency could be getting rid of the penny itself.

The Department of Government Efficiency (DOGE), noted that it cost the United States' 3 cents to make a penny.