The US Penny

August 11th, 2009

MoneyThe linked article has some interesting facts about the US penny. Personally, I’m all for getting rid of them, especially since each penny costs 1.4¢ to create. Pennies account for half of all coins minted in the US, with a total yearly cost of about $75 million. Seems like a practical method of cutting the budget. And it’s not that difficult to implement—prices are simply rounded to the nearest multiple of five. The US military already does this overseas in its AAFES stores.

(via digg)

2 Responses to “The US Penny”

  1. [link]josh Says:

    When I lived in Switzerland (1995) everything was to the nearest dime except in the supermarket where it was to the nearest nickel. And everything was sales tax included so if you tried to buy something for a 1 franc it was exactly that not 1.08 SFR. It was lovely. And while we at it we should get rid of the buck and the five dollar bill and just get $1, $2 and $5 coins.

  2. [link]Chad Cloman Says:

    Hear, hear!

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