abolish the penny, saving millions of dollars per year.

The penny is worth less than it takes to produce. Pennies have ceased to be a meaningful piece of currency, being difficult to use in bulk and taking an average of two seconds to be earned (according to the national average wage of $17 an hour in 2006). Economist Greg Mankiw says that "The purpose of the monetary system is to facilitate exchange, but... the penny no longer serves that purpose." And while we have had smaller coins in the past that have been abolished, no coin in U.S. history has been worth less than the penny is worth today.