It looks like the American penny’s days are numbered, bringing to fruition President Donald Trump’s stated plan to scrap the U.S. one-cent piece. According to ABC 7, the Treasury Department has released a statement that the U.

The U.S. Mint is set to stop producing pennies, marking the end of an era. With production costs soaring and the utility of the penny dwindling, this decision aims to save millions annually. As the penny fades into history,

President Donald Trump wants to make the penny extinct and we're now one step closer on making that happen. The U.S. Mint said Thursday it's made its final order of the materials used to make pennies.

The impending “death” of the U.S. penny has spotlighted the coin’s own price tag — nearly 4 cents to make and distribute each, or quadruple its value.

Per the latest U.S. Mint report, it costs less than six cents to make a dime ($0.0576). To make a quarter, it costs about 15 cents ($0.1468), and nearly 34 cents for a half-dollar ($0.3397).

“You can go to your own bank or credit union and not pay any fee,” said Kimberly Palmer, personal finance expert at NerdWallet. Both NerdWallet and Bankrate offer tip sheets on exchanging coins for cash. Most banks will take an account holder's coins for free, Bankrate reports, but not all, and you may need to roll the coins yourself.

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