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The American penny has been in circulation since 1792. It will be discontinued because it is too expensive to make.

The American penny will begin its slow fade into non-existence as the government plans stop making the U.S. currency next year.

The federal government made its final order of penny blanks this month — the first step to end the production of the 1-cent coin, a spokesperson for the Treasury Department confirmed to USA TODAY.

After more than two hundred years, the humble one-cent piece is on its way out due to production costs that significantly exceed its face value.

The federal agency placed its final order for penny blanks this month, with the United States Mint slated to end manufacturing of the penny when that runs out, a Treasury official told CBS MoneyWatch.

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.