The Treasury Department has pledged to stop producing the penny by early next year. Here's why — and what becomes of your one-cent coins.

“You can go to your own bank or credit union and not pay any fee,” said Kimberly Palmer, personal finance expert at NerdWallet. Both NerdWallet and Bankrate offer tip sheets on exchanging coins for cash. Most banks will take an account holder's coins for free, Bankrate reports, but not all, and you may need to roll the coins yourself.

After more than 200 years, the U.S. bids adieu to the penny, citing high production costs and shifting economic practices.