The U.S. Mint is down to its last cent after President Trump orders it to halt production.

“Today, as we bid farewell to continued production of the copper penny, we want to be absolutely clear that the copper penny remains legal tender. We still have more than 300 billion copper coins in circulation, and we encourage the public to continue using them,” Beach said in a prepared speech at the Mint.

“We are not eliminating Penny,” he stressed. “While we have simply stopped production, it remains valid as currency and can still be used in stores and commercial establishments.”

Some retailers have expressed concerns that demonetization will cause disruption to their stores, as some stores have started rounding up and devaluing cash purchases given the currency’s apparent scarcity.

“Thousands of retailers across the country are already without pennies, and traders are grappling with the complications that arise as coins become scarcer,” said Austin Jensen of the Retail Industry Leaders Association.

“Retailers need guidance from the government and legislative action from Congress,” he added in a statement.

The retail industry hopes Congress will authorize price increases and devaluations, overcoming state and local laws and food assistance program rules that currently prohibit the practice.

Beach explained that the cost of producing pennies has risen in recent years while demand has plummeted, and that ending minting will save the Treasury $56 million a year in production costs.

He also emphasized the historical importance of the decision, noting that the last time the United States abolished coinage was 168 years ago in 1857, when the country removed the half-cent coin from circulation.

“It’s symbolic that Abraham Lincoln’s face is on the penny,” said Derek Theuler, deputy secretary of the Treasury. “As a clerk, Lincoln was meticulous in every transaction, which is an inspiration to those like me who study and practice accounting.”

Beach reported that the last batch of pennies scheduled for circulation was minted in June. The coins minted this Wednesday will be auctioned off, with proceeds going to the U.S. Mint’s Public Works Fund and transferred to the Treasury Department’s General Fund at the end of the year, said Christy McNally, deputy mint director.