After over 200 years, the United States government plans to stop making new pennies, the Treasury Department told the Wall Street Journal.

Treasury Department will take pennies out of circulation next year. Costly nickels, however, could cancel out savings.

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.

The U.S. Mint is set to stop producing pennies, marking the end of an era. With production costs soaring and the utility of the penny dwindling, this decision aims to save millions annually. As the penny fades into history,

Fans of the penny cite its usefulness in charity drives and relative bargain in production costs compared with the nickel.