Treasury Department will take pennies out of circulation next year. Costly nickels, however, could cancel out savings.

The US Mint will stop producing pennies due to high costs, following a directive from Donald Trump. The move is expected to save $56 million annually but has sparked mixed reactions.

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

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).