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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