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.

It looks like the American penny’s days are numbered, bringing to fruition President Donald Trump’s stated plan to scrap the U.S. one-cent piece. According to ABC 7, the Treasury Department has released a statement that the U.

By stopping the one-cent coin’s production, one official says the Treasury expects an immediate annual savings of $56 million in reduced material costs.