A penny-pinching tactic proposed by Elon Musk's Department of Government Efficiency could be getting rid of the penny itself.

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