The Philadelphia branch of the U.S. Mint struck the last batch of copper one-cent pieces on Wednesday, ending the 232-year-old form of currency. The coin has been on the chopping block since January, when the Department of Government Efficiency, or DOGE, shared that the average penny costs 3 cents to manufacture.

Retiring the penny will save taxpayers about $56 million annually in production costs alone, U.S. Treasurer Brandon Beach said during a Wednesday press conference. Ending penny production underscored the Trump administration’s commitment to fiscal responsibility, Beach said. The secretary noted that the cost of producing pennies has tripled over the last decade, while demand plummeted.

Beach described the day as historic, noting that the last time the government discontinued a coin was the half-cent piece in 1857. The U.S. government has struck pennies since the Coinage Act was passed in 1793 during George Washington’s presidency, he said.

What does this mean for the penny now? About 300 billion pennies remain in circulation, and all are still legal tender, according to Beach. The penny technically ended circulation with the last batch struck in June, Beach said. Wednesday’s batch will be auctioned off, with proceeds ultimately going to the U.S. General Fund, according to officials.