WASHINGTON (AP) -- The U.S. Mint has made its final order of penny blanks and plans to stop producing the coin when those run out, a Treasury Department official confirmed Thursday.
An immediate annual savings of $56 million in reduced material costs is expected by stopping penny production, according to the official, who was not authorized to discuss the matter publicly and spoke on condition of anonymity to preview the news.
In February, President Donald Trump announced that he had ordered his administration to cease production of the 1-cent coin.
Advocates for ditching the penny cite its high production cost -- almost 4 cents per penny now, according to the U.S. Mint -- and limited utility. Fans of the penny cite its usefulness in charity drives and relative bargain in production costs compared with the nickel, which costs almost 14 cents to mint.