According to the U.S. Mint’s 2011 annual report, the current cost of a penny is 2.4 cents per coin. With nearly 5 billion pennies minted in 2011, the U.S. spent almost $120 million to produce less than $50 million of circulating currency.
The penny served us well for a while. But now, at more than 200 years old, it’s unable to keep up with inflation. Isn't time to let the penny retire?