The US has reportedly advanced plans to phase out the production of its lowest currency, the one-cent coin, more popularly known as the Penny.

According to reports, the Treasury Department has placed its final order for blank pennies as part of progressed plans to end minting the coins following the completion of the order.

The move, which was initially set in motion by President Donald Trump in February, is intended to save up states $56 million annually, a Treasury spokeswoman confirmed, as per BBC.

According to Reuters, the production cost of the penny has nearly quadrupled its circulated value, and a halt is aimed at relaxing the pressure on the economy with the projected savings.

With the penny eventually set to phase out of circulation, it will subsequently make the 10-cent or dime the new base currency in the country, barring a reversion after the next election by the elected administration.