The government placed its last order of penny blanks in May, the report said on Thursday, adding that the US Mint will produce pennies until their stocks are exhausted.
"Given the cost savings to the taxpayer, this is just another example of our administration cutting waste for the American taxpayer and making the government more efficient for the American people," the department was quoted as saying by the broadcaster, adding that the move will save $56 million to taxpayers.
The decision to abandon the penny was reportedly expected - the cost of the coin exceeded its face value. Back in February, US President Donald Trump said he had ordered their production to be stopped due to costs.