The final penny was produced at the U.S. Mint in Philadelphia on Wednesday.

Officials say ceasing the production of the one-cent coin is a cost-effective move.

Pennies have been around for over 230 years, and there are still billions of them in circulation , the Associated Press (AP) reported.

Each penny made costs 4 cents; therefore, Treasurer Brandon Beach made it clear the halting of production will ultimately put money back into citizens’ pockets.

“God bless America, and we’re going to save the taxpayers $56 million,” he said moments before the final penny was produced:

President Donald Trump announced plans for the move in February, writing in a social media post, “For far too long, the United States has minted pennies which literally cost us more than 2 cents. This is so

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