President Donald Trump is just one cent away from eliminating the U.S. penny, and 'Shark Tank' star Kevin O'Leary agrees.
"For far too long, the United States has minted pennies which literally cost us more than 2 cents," Trump said on Truth Social. "This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies."
Appearing on "Varney & Co." Monday, O'Leary supported the idea. "It's stupid. Why would you pay $0.02 for a commodity that's worth one?" he said.
In fiscal year 2024, the U.S. Mint paid $3.69 to make one penny and $13.78 to make a nickel. Even dimes and quarters cost more than their face value.
"Who uses a penny anyways? Unless you're putting them in your loafers, and nobody does that anymore. Get rid of it. It's useless," O'Leary added.
Elon Musk's Department of Government Efficiency (DOGE) posted on 'X' that producing pennies is costing taxpayers millions. The department hinted it may push to eliminate the penny entirely.
Not everyone is on board with the idea. Critics are warning of unintended consequences.
Mark Weller, executive director of Americans for Common Cents, argued it could backfire. "Eliminating the penny will cost the government more – not less," he told FOX Business.
Weller explained that without the penny, nickel production could double, increasing costs even more. He suggested that any changes should include revamping nickel production and evaluating the U.S. Mint’s overhead.
The penny has a long history. First minted in 1792, it was larger and made of pure copper. Today’s version is much smaller and mostly made of zinc, according to the U.S. Mint.