The penny has outlived it's original purpose and is now just costing the government millions of dollars every year. To make one single penny, it costs 1.67 cents. Billions of these are printed every year with a loss of .67 cents ever penny. When it was originally made, you could buy things that were one penny. Now you cannot buy almost anything with one cent. The whole purpose of a coin or bill is to encourage commerce and the penny does not do this. For example, if you go to a gas station and try to pay thirty dollars in gas with pennies, they will not accept it. The United States government could cut millions of dollars per year just with the discontinuation of this silly little coin.
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