The U.S. Treasury placed its final order for penny blanks, marking the beginning of the end for the one-cent coin, a spokesperson confirmed to Scripps News.
The United States Mint will continue to produce pennies while the remaining inventory of blanks lasts.
President Donald Trump first signaled the move in February, criticizing the cost of production.
"For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!" Trump wrote in a post on Truth Social. "I have instructed my Secretary of the US Treasury to stop producing new pennies."
According to the Treasury, the cost of making a penny rose 20% in fiscal year 2024. Over the past decade, the cost has increased from 1.3 cents to 3.69 cents per coin.
Officials estimate the halt in penny production will save $56 million annually in reduced material costs.
Ending the penny is not a partisan issue. Lawmakers from both parties have introduced legislation over the years aimed at eliminating the coin.
An estimated 114 billion pennies are currently in circulation in the United States, the spokesperson said.
