The federal government is winding down production of the penny coin following a bipartisan effort to nix the lowest-denomination of U.S. currency over cost concerns, according to a plan outlined by the Treasury Department on Thursday.

The Treasury Department said Thursday it’s planning to end production of the penny in an effort to phase out one of the country’s oldest currencies. The U.S. Mint has made its final order of penny blanks and will stop manufacturing the coin,

The Trump administration plans to end production of the penny after the cost of making it ballooned and it became increasingly useless as currency. Why it matters: The U.S. Mint reported losing $85.3 million on the nearly 3.