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 .

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.

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