Coin production costs vary thanks to different raw metals used, complexity of their designs, labor needed and more.

The department says it has placed its final order for penny blanks, and production will end when they run out, which will likely be early 2026, according to The Wall Street Journal, which first reported on the decision.

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.

The American penny has been in circulation since 1792. It will be discontinued because it is too expensive to make.

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

Per the latest U.S. Mint report, it costs less than six cents to make a dime ($0.0576). To make a quarter, it costs about 15 cents ($0.1468), and nearly 34 cents for a half-dollar ($0.3397).

The US Treasury is phasing out production of the penny and will soon stop putting new one-cent coins into circulation, the department said in a statement Thursday.

The U.S. government has ordered its final batch of penny blanks and will stop producing the coin when those blanks run out. The Treasury says $56 million will be saved.