Eliminate the Circulation and Use of the One Cent Coin, or Penny in the United States of America.

It costs about 2.4 cents to mint a penny. Even the price of the raw materials it is made of exceeds the face value, so there is a risk that coins are illegally melted down for raw materials. Therefore, production is at a loss. Robert M. Whaples, professor of economics at Wake Forest University claims that we lose an estimated $900 million a year. And, if eliminated - consumers would gain a tiny amount – about 1⁄40 of a cent per transaction by rounding up to a nickel. Furthermore, pennies are of limited usage, pennies are not accepted by all vending machines or many toll booths (except Illinois). Pennies are generally not accepted in bulk. Economist Greg Mankiw says that "The purpose of the monetary system is to facilitate exchange, but... the penny no longer serves that purpose."