Abolishing the penny would be a quick, painless fix aimed at reducing the deficit and eliminating government inefficiency
Pennies provide limited use as the lowest monetary denomination
According to the Mint's 2011 Report, each penny costs 2.41 cents to mint, a price greater than its face value
5 billion pennies were minted in 2011, costing nearly $120 million to create $50 million of currency, which means $70 million is wasted each year
President Obama hopes to find cheaper compositions for both the penny and nickel, but an alternative has yet to be found
Meanwhile, Canada has implemented a rounding system, ended production of its penny and will soon cease distribution, a path the U.S. could follow
Overall, removing the penny would be far more effective than altering its composition