The United States wouldn't be the first country to eliminate the coin, Turco said. Canada, for example, decided to phase out its penny in 2012. In the U.S., the Department of Defense stopped using pennies at its overseas bases in 1980 because it became too expensive to ship them.

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

The U.S. Treasury announced it's phasing out production of the one-cent coin and has made its final order of penny blanks.

The American penny will begin its slow fade into non-existence as the government plans stop making the U.S. currency next year.

Holt points to traditions of putting pennies in loafers, of rhymes like “See a penny, pick it up, all the day you’ll have good luck,” of people who think an unexpected penny sighting could be a sign from a loved one who’s passed on.

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

The U.S. Treasury Department has taken a large step toward officially eliminating the one-cent coin, ordering its final batch of penny blanks in May. But what happens when there are no new pennies in circulation?

The Treasury Department said it placed its final order for penny blanks this month as the U.S. moves to end production of the 1-cent coin.

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 push to eliminate penny production has received support from lawmakers on both sides of the political aisle.

It's really happening this time. The Treasury Department said it plans to stop manufacturing the penny, one of the first coins ever minted by the U.S. government.