The Trump administration hopes to save big bucks by phasing out the penny.
The Treasury Department has placed its last order for blank pennies and plans to stop minting the one-cent coins as soon as that is exhausted.
Each penny costs nearly four cents to produce, so the move is expected to result in immediate savings of 56 million dollar a year. A Treasury representative confirmed the decision, which was first reported by the Wall Street Journal.
President Trump called for the phase-out back in February. Canada, New Zealand and Australia have also eliminated their one-cent coins.
