The Treasury Department said Thursday that it made its final order of blank pennies this month as its moves to end production of the 1-cent coin.
In February, President Donald Trump ordered a halt to producing new pennies, which he posted would help "rip the waste out of our great nations budget, even if it's a penny at a time."
At the time it was not clear whether he had the authority to stop the minting of coins.
A Treasury Department spokesperson said that "the United States Mint will continue to manufacture pennies while an inventory of penny blanks exists."
The Mint said in its 2024 annual report that the cost of making the penny increased 20% that year. It currently costs 3.69 cents to make the 1-cent coin. The Treasury Department says halting new penny production could lead to an "immediate annual savings of $56 million in reduced material costs."
The Mint also loses money making the nickel, with each 5-cent coin costing 13.78 cents to make.
The Treasury Department also notes that demand for the penny has decreased drastically as people increasingly shift their payment habits to cards or digital services like Apple Pay.
More than 114 billion pennies are currently in circulation.
