U.S. Mint plans to stop making the penny coin after Trump order. What does that mean for paying in cash? What to know before the change in Mississippi.

An immediate annual savings of $56 million in reduced material costs is expected by stopping penny production, according to a U.S. Treasury Department official.

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.

The government loses nearly three cents on every penny it mints. On a nickel, it loses nearly nine cents. More nickels would mean steeper losses. America could kill both the penny and the nickel, the two money-losers on its roster of coins.

The US Mint has placed its final order of penny blanks and will stop producing the coin when those run out by early next year.

The United States Treasury is planning to phase out the penny, which is minted at the U.S. Mint in Philadelphia.

Penny pinching will have a whole new meaning next year as the United States Mint declares they will stop production of the coin.

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