The U.S. Treasury announced it's phasing out production of the one-cent coin and has made its final order of penny blanks.

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

The U.S. Treasury Department has taken a large step toward officially eliminating the one-cent coin, ordering its final batch of penny blanks in May. But what happens when there are no new pennies in circulation?

Holt points to traditions of putting pennies in loafers, of rhymes like “See a penny, pick it up, all the day you'll have good luck,” of people who think an unexpected penny sighting could be a sign from a loved one who's passed on.

The push to eliminate penny production has received support from lawmakers on both sides of the political aisle.

Per the latest U.S. Mint report, it costs less than six cents to make a dime ($0.0576). To make a quarter, it costs about 15 cents ($0.1468), and nearly 34 cents for a half-dollar ($0.3397).

The Treasury Department said it plans to stop manufacturing the penny, calling time on one of the first coins minted by the U.S. government. "CBS Evening News" co-anchor Maurice DuBois takes a look at the wisdom inspired by the centuries-old coin.

There is currently no official plan to recall pennies, and financial institutions are expected to continue accepting them. While pennies will remain legal tender, they will gradually disappear from circulation, which is expected to impact product pricing.