Is it time to ditch the penny? Since 2006, it has cost the United States Treasury more to produce the penny and nickel than the value of the coins themselves. For 2011, each penny cost American Taxpayers almost 2 1/2 cents while each nickel cost taxpayers 11 cents. There are arguments on both sides of the issue. One argument for keeping the penny is that business’s would round prices up and this would hurt lower income individuals who are more sensitive to price increases. The main case for getting rid of the penny is the cost savings to American Taxpayers, about $60 Million.
Should we follow the lead of our Canadian friends and ditch the penny?
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We just did this in Canada.
The surprise for me here is the cost of a nickel. I never knew it was that expensive.
I have the steal pennies from the 40s. I say let’s bring those back.
Honestly if the penny leaves because of cost I will be sad. I love the penny. My mom always said pennies make the dollar and it’s possible that statement will one day NOT be true.
Argh I hate the penny. In this day and age, the smallest denomination should be a dime or nickel. The fact that we aren’t on a Base 10 system for measurement and currency still bothers me.
I would like to see the penny and nickel removed from circulation for the cost savings to taxpayers alone.
so the coins are costing money to the govt. But when stores price items at $88.99 you got to keep pennies in circulation.
If it is truly 2-1/2 cents to make a penny and 11 cents for a nickel, than that seems like a no brainer!
Do you think retailers will round down if we drop the nickle? Don’t think so..
It’s kinda crazy to think that it costs to make the coin is way more than the value of the coin. I need to find out how much it costs here.
I think there is a good chance the penny won’t be around much longer. I was surprised at how much the nickel costs to make.