The U.S. last week unveiled its plan to finally phase out the lowly penny. The Treasury Department has placed its last order for the coins, which will no longer be minted, though they will continue to be legal tender[17].

Treasury Department will take pennies out of circulation next year. Costly nickels, however, could cancel out savings.

The Treasury statement did not address its plans for nickel production. It did estimate an immediate savings to taxpayers of $56 million from the halt of penny production. “Given the cost ...