Friday is National Lucky Penny Day, but the future for the penny is not looking so lucky. The U.S. Treasury confirmed Thursday it ordered its last round of pennies; after that runs out, they will no longer be in production,

WASHINGTON (AP) — 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.

It costs more than 3 cents to make a 1-cent coin, and now the United States Treasury is finally doing something about it.

The United States wouldn't be the first country to eliminate the coin, Turco said. Canada, for example, decided to phase out its penny in 2012. In the U.S., the Department of Defense stopped using pennies at its overseas bases in 1980 because it became too expensive to ship them.

The US Mint has placed its final order of penny blanks and will stop producing the coin when those run out by early next year.

President Donald Trump has also pushed the Treasury Department to stop minting new pennies. “For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump wrote on Truth Social in February. “I have instructed my Secretary of the US Treasury to stop producing new pennies.”

The Treasury is phasing out production of the penny, a coin that has been in circulation for centuries, in a move that is expected to save $56 million each year.