The U.S. last week unveiled its plan to finally phase out the lowly penny. The Treasury Department has placed its last order for the coins, which will no longer be minted, though they will continue to be legal tender[17].

Treasury Department will take pennies out of circulation next year. Costly nickels, however, could cancel out savings.

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.