The U.S. Mint has made its final order of penny blanks and plans to stop producing the coin when those run out.

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.

In a cost-cutting move, the U.S. Treasury will stop minting new pennies. Originally introduced in 1793, the one-cent coins will still be legal tender. There are more than 100 billion pennies in circulation.