We are struggling to pay our national debt and cover costs of fundamental government programs. We should take commonsense cost savings that hurt no one except the Zinc lobby.
- Each penny costs 2.4 cents to make. Nearly 6 billion are minted per year at a loss of $58 million.
- The penny is not used in most retail transactions and can't be used in vending machines or at tolls.
- There has never been a coin in circulation in the US worth as little as the penny.
- Rounding-up costs to consumers are minimal. See: http://www.wfu.edu/wfunews/2006/2006.07.18.w.html
- The nickel costs 11 cents to make. Either we eliminate it or re-design it using different metal. And save another $50 million.