The U.S. Mint announced on Wednesday that it has officially halted production of the one-cent coin, or penny, in a move aimed at cutting costs and acknowledging the coin’s declining role in modern financial transactions.

The final batch of pennies was struck at the Philadelphia Mint, which has produced the smallest denomination of U.S. currency since 1793—just one year after Congress passed the Coinage Act.

President Donald Trump ordered the production halt as the cost of minting a single penny rose to nearly four cents, while the coin’s practical value diminished.

Although billions of pennies remain in circulation, they are now rarely used in daily transactions as Americans increasingly turn to digital and electronic payments.