On Sunday, President Donald Trump announced that the United States Treasury will stop minting new pennies, amidst concerns regarding the cost of doing so.

As Axios reports, the president made the announcement on his Truth Social account, declaring that he had ordered newly-confirmed Treasury Secretary Scott Bessent to “stop producing new pennies.”

“For far too long the United States has minted pennies which literally cost us more than 2 cents,” President Trump explained. “This is so wasteful!”

“Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time,” the president added.

In the most recent annual report by the U.S. Mint, it was revealed that the average cost of making a single penny in the Fiscal Year 2024 was approximately 3.69 cents. As a result, the cost of the coin “remained above face value for the 19th consecutive fiscal year.”

President Trump made the announcement shortly after departing from Super Bowl LIX in New Orleans, Louisiana; his visit made him the first sitting president to ever attend a Super Bowl. President Trump also did an interview with Fox News anchor Bret Baier during the pre-game show, reviving a Super Bowl tradition that was conspicuously absent during the Biden Administration.