The U.S. government is phasing out production of the penny, which has been in circulation for centuries, in a cost-cutting move that is projected to save $56 million each year. The Treasury made its final order of blank pennies this month and will stop putting one-cent coins into circulation by early 2026. As pennies fade from use, businesses will need to round up or down to the nearest 5 cents, The Wall Street Journal reported. 'MAKES SENSE': GOP, DEMS UNITE BEHIND TRUMP'S PLAN TO FIRE THE PENNY By halting production of the penny, the U.S. Mint – the coin-producing bureau of the Treasury – projects an immediate annual savings of $56 million in reduced material costs. In the last 10 years, the cost of making the coins has risen from a little over 1 cent to nearly 4 cents per penny, a spokesperson for the Treasury Department told FOX Business.The move is part of an ongoing bipartisan effort to discontinue production of the coin. In February, President Donald Trump announced plans to halt production of pennies, which cost more than their value to mint. TRUMP'S PENNY POLICY: IT MAKES SENSE TO STOP MAKING CENTS "For far too long, the United States has minted pennies which literally cost us more than 2 cents," Trump wrote on Truth Social. "This is so wasteful! I have instructed my Secretary of the U.S. Treasury to stop producing new pennies."

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