The U.S. Mint and Treasury Department have confirmed that the penny is on its last legs as the former recently made its final order of penny blanks, write

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.

The U.S. Treasury will stop minting pennies next year after 233 years. Retailers can still accept them, but will have to round transactions to the nearest nickel. Other countries have done the same without inflation.

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

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.