President Donald Trump announced Sunday he’s ordered his administration to cease production of the 1-cent coin, whose buying power is long past its prime.

“For far too long the United States has minted pennies which literally cost us more than 2 cents,” Trump posted on his social media site Truth Social. “This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies. Let’s rip the waste out of our great nations budget, even if it’s a penny at a time.”

President Donald Trump’s mission to slash federal spending has taken an odd turn as he revealed that the Treasury has been instructed to stop minting pennies. In a post on Truth Social on Sunday night,