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According to the billionaire, the production of the one-cent coin is a waste for taxpayers

Elon Musk has pointed his finger at the US penny, calling it an unnecessary waste of public money. In a post on X, he pointed out that the cost of producing a single penny exceeds 3 cents, costing taxpayers more than $179 million in fiscal year 2023.

According to data from the US Mint, about 4.1 billion pennies were put into circulation last year, accounting for 40 per cent of the coins minted. However, the cost of production increased by 20% year-on-year to 3.7 cents per piece, mainly due to higher prices of metals such as zinc and copper.

The idea of eliminating the penny is not new and many have argued for years that the currency is now obsolete, especially in the age of digital payments. Musk could revive the debate on its abolition.

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