President Donald Trump is seeking to end production of new pennies. An expert told FOX Business the effect on consumers will be negligible.

President Donald Trump has ordered the U.S. Treasury to cease minting the penny coin in a bid to cut government spending, USA Today reported. But the move could lead to price increases for U.S. consumers.

President Trump said Sunday that he had asked the U.S. Treasury Department to stop minting new pennies, part of an effort to cut down on what he called wasteful government spending. His remarks revived a long-running debate over whether to get rid of the smallest denomination of U.