“For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump posted on social media. “I have instructed my Secretary of the US Treasury to stop producing new pennies. Let's rip the waste out of our great nations budget, even if it's a penny at a time.”

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

The U.S. Treasury Department confirmed Thursday it will phase out production of the penny, fulfilling Trump’s directive to stop minting the one-cent coin. A Treasury spokesperson said the Mint placed its final order for penny blanks this month and will continue production until supplies are depleted,