First reported by the Wall Street Journal, The U.S. Mint will halt penny production after exhausting its final order of penny blanks, as confirmed by a Treasury Department official, following President Donald Trump’s February directive to end the 1-cent coin’s production.

This move is projected to save $56 million annually in material costs. Critics of the penny highlight its nearly 4-cent production cost and limited practical use, while supporters argue it aids charity drives and is cheaper to produce than the nickel, which costs about 14 cents to mint.