One of the smallest coins in your pocket could be a thing of the past as President Donald Trump directed the U.S. Treasury to stop making new pennies.

President Trump said it's time to stop minting pennies, arguing that they're costly and unnecessary.

He didn't express a desire to eliminate the penny during his campaign, but Elon Musk's Department of Government efficiency raised the issue in a post on X, highlighting the penny's cost.

The U.S. mint reported losing more than $85 million just last year in producing more than 3.2 billion pennies.

Cutting pennies out of circulation is not uncommon.

Canada cut their penny in 2012 followed by other nations, and one North Carolina store owner said that wouldn't be a bad idea.

“As long as we know how to manage it, which I guess there would be guidelines to. If it's true they cost more to make than they're worth, it seems like a smart move,” said Toy Store Owner Heather Sinclair. 

It's uncertain whether President Trump has the authority to eliminate the penny on his own.

The specifications for currency, including the size and metal content of coins, are determined by Congress.

If the penny is phased out, businesses may need to round prices to the nearest five cents, similar to Canada's approach when they eliminated their penny.