eliminate the one cent coin, commonly know as the penny, as a unit of currency in the United States.

As of February 2011, it costs about 2.4 cents to mint a penny therefore it is not fiscally responsible to continue to mint them. Abolishing the penny would only affect cash transactions. Amounts ending in 2, 3, 8, or 9 cents would round to the nearest number divisible by 10 and amounts ending in 3, 4, 6, or 7 cents would round to the nearest number divisible by 5. Checks, credit cards, and electronic transfers would all be unchanged.