The federal government is winding down production of the penny coin following a bipartisan effort to nix the lowest-denomination of U.S. currency over cost concerns, according to a plan outlined by the Treasury Department on Thursday.

The U.S. Mint has made its final order of penny blanks and plans to stop producing the coin when those run out.

"Confirming the WSJ story, the Treasury has made its final order of penny blanks this month and the United States Mint will continue to manufacture pennies while an inventory of penny blanks exists," a Treasury spokesperson said.