The Treasury Department is stopping the production of pennies.

The U.S. Department of Treasury said Thursday that it made its final order of blank pennies this month as its moves to end production of the one-cent coin.

In Februrary, 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 if the president had the authority to stop the minting of coins.

A Treasury Department spokesperson told NBC News that “the United States Mint will continue to manufacture pennies while an inventory of penny blanks exists.”

The U.S. 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 one-cent coin. The Treasury Dept. says halting new penny production could lead to an “immediate annual savings of $56 million in reduced material costs.”

The U.S Mint also loses money making the nickel, with each 5-cent coin costing 13.78 cents to make.

The department also notes that demand for the penny has drastically decreased, as Americans increasingly shift their payment habits to cards or digital services like Apple Pay.

There are more than 114 billion pennies currently in circulation.