The Treasury Department has pledged to stop producing the penny by early next year. Here's why — and what becomes of your one-cent coins.

The cost of producing a penny has skyrocketed in recent years, reaching 3.69 cents, according to the Treasury Department.

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.

What would happen if the U.S. got rid of the penny? It wouldn't be easy because there are 420 billion in circulation.

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