The U.S. Mint on Wednesday ended production of the one-cent coins, or the penny, which have circulated for more than two centuries.

During a ceremonial strike event at the Philadelphia Mint, U.S. Treasurer Brandon Beach struck the final circulating one-cent coins, marking the official end of 232 years of penny production in the country.

"Today the Mint celebrates 232 years of penny manufacturing," said Kristie McNally, acting mint director. "While general production concludes today, the penny's legacy lives on. As its usage in commerce continues to evolve, its significance in America's story will endure."

Rising production costs and evolving consumer habits have made the production of pennies unsustainable, as the cost of producing each penny has risen from 1.42 cents a decade ago to 3.69 cents, according to the U.S. Mint.

Earlier this year, U.S. President Donald Trump ordered the Treasury Department to halt what he called the "wasteful" minting of pennies.

Suspending production of the penny is expected to save the U.S. Mint about 56 million U.S. dollars a year, Beach said.

The penny was first issued in 1793, one year after authorization by the Coinage Act.

While circulating production has ceased, the penny remains legal tender. There are an estimated 300 billion pennies in circulation, "far exceeding the amount needed for commerce," according to the U.S. Mint.

The mint said it will continue to produce numismatic versions of the penny in limited quantities for historical and collector purposes.