As I promised, here is my post about getting rid of the penny.

There is a debate in the U.S. about getting rid of the one cent coin. It now costs 1.7¢ to make 1¢. Since a penny can get used over and over with a lifetime that can last decades, it may seem that such a high production cost would be worth it in the long run. However, the metal value of the coin also exceeds its face value. So the penny is at risk of being melted down despite laws that exist to prevent such a thing.

I actually support scrapping the penny. This biggest thing that would make me want to continue with the penny is that lobbing off anything other than a 5 or a 0 would be weird to me. And after all this time of learning to calculate a 6% sales tax, I’d have to get used to a few more steps? When I read the arguments in favor and against, I was won over by the arguments to get rid of it.

Another thing that I’d get rid of is the dollar bill which is another costly expense. The lifetime of a dollar bill is counted in months. Although a dollar coin would cost more to make than a bill, it would stay in circulation for a lot longer. Think about.

Let’s say a dollar bill costs 8¢ to make but only lasts 12 months.
Let’s say that a dollar coin costs 52¢ to make but lasts for 12 years.
The simple savings would be 44¢.

I know, there’s a lot more to it than that but there you go.