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The final U.S. penny was minted on Wednesday, Nov. 12

Treasurer Brandon Beach claimed the move to discontinue the coin will save American taxpayers $56 million

President Donald Trump previously said minting the one-cent coin was "so wasteful"

The production of the penny has come to an end in the United States after more than 200 years.

The U.S. Mint in Philadelphia concluded production of the 1-cent coin on Wednesday, Nov. 12, according to the Associated Press and CNN .

Treasurer Brandon Beach helped stamp the last penny during an event marking the end of the penny’s production, USA Today reported.

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The retirement of the one-cent coin comes after it became more costly to produce the co

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