The Trump administration says making cents doesn't make sense anymore. The U.S. Mint has made its final order of penny blanks and plans to stop producing the coin when those run out, a Treasury Department official confirmed Thursday.

The cost of producing a single penny has already skyrocketed to about 4 cents, while consumers have mostly shifted to digital payments and cards.

The Treasury reportedly lost over $85 million producing the one-cent coin last year. It has now placed its final order of penny blanks. The U.S. Treasury said on Thursday it is phasing out the penny and will soon stop putting new one-cent coins into circulation.