I was reading an article today and couldn't believe how much taxpayer money is being squandered on the penny. When the cost of transporting and creating are added into the material cost of making pennies, the U.S. Mint loses 0.23 of a cent on every penny it produces. This year the loss will be around $23 million!
The article went on to say that we should follow the lead of Australia who stopped making pennies three years ago. The smallest coin they make is five cents. Their pricing is often still expressed in pennies, but for cash payments they get rounded to the nearest multiple of five. Sounds like a great system to me!
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