The U.S. Mint has made its final order of penny blanks and plans to stop producing the coin when those run out, a Treasury Department official confirmed Thursday.

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

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

The U.S. Treasury Department saw soft demand for a $16 billion sale of 20-year bonds on Wednesday with investors worried about the country's increasing debt burden as Congress wrangles with a tax and spending bill that is expected to worsen the fiscal outlook.

Wall Street slumped under the weight of pressure from the bond market, where Treasury yields climbed on worries about the U.S. government’s spiraling debt and other concerns.

That’s not just any surplus — it’s the first monthly surplus of fiscal year 2025 (which began in October 2024), and the second-largest monthly surplus in U.S. history, behind only April 2022’s $308.2 billion surplus.

A federal judge has rejected a bid by the U.S. Treasury Department to cancel a union contract covering tens of thousands of IRS staff, an early blow to President Donald Trump's efforts to eliminate collective bargaining rights for many federal workers.