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 .

There are already some signals about which government expenses could be on the chopping block for Elon Musk's DOGE.

The Department of Government Efficiency hinted it may be looking to eliminate the penny. Elon Musk's initiative says production of the coin is costing taxpayers millions of dollars.

Pennies cost more than 3 cents each to make, which has the little round Lincoln heads in the crosshairs of Elon Musk’s new Department of

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

Bill Gates said the federal deficit "needs to be brought down" when asked about DOGE during a recent interview.

The savings from eliminating the cent might seem like small change, but every penny counts in dealing with the U.S. fiscal deficit.