The Mint expects that it will realize an immediate annual savings of $56 million by phasing out production of the penny, according to the Treasury Department.

After over 200 years, the United States government plans to stop making new pennies, the Treasury Department told the Wall Street Journal.

Are your old pennies worth millions? Experts say you shouldn't bank on it. But some are worth hundreds of dollars. Here's how to check yours.

Treasury Secretary Scott Bessent claimed Friday that the United States can ‘retool’ the nickel following an announcement that the Treasury Department will cease all penny production by early 2026. “I think we can retool the nickel and change the composition of the alloys so that a nickel is worth a nickel,

The Treasury Department said it plans to stop manufacturing the penny, calling time on one of the first coins minted by the U.S. government. "CBS Evening News" co-anchor Maurice DuBois takes a look at the wisdom inspired by the centuries-old coin.

“For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump posted on social media. “I have instructed my Secretary of the US Treasury to stop producing new pennies. Let's rip the waste out of our great nations budget, even if it's a penny at a time.”

The cost of producing a penny has skyrocketed in recent years, reaching 3.69 cents, according to the Treasury Department.