This move by the U.S. Treasury, motivated by rising production expenses and a call for fiscal frugality, has opened up an across-the-board debate about its effect on shoppers, retailers, and the entire economy.

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

After more than 200 years, we bid farewell to our small-denominated currency that grew to become a symbol of thriftiness and luck.

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.

Treasury Secretary Scott Bessent claimed Friday that the United States can ‘retool’ the nickel following an announcement that the Treasury Department will cease all penny production by early 2026. “I think we can retool the nickel and change the composition of the alloys so that a nickel is worth a nickel,

“For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump posted on social media. “I have instructed my Secretary of the US Treasury to stop producing new pennies. Let's rip the waste out of our great nations budget, even if it's a penny at a time.”

It may be time to start collecting pennies.