Time to Eliminate the Penny from the U.S. Coinage System: New Evidence
Robert Whaples ()
Additional contact information
Robert Whaples: Wake Forest University
Eastern Economic Journal, 2007, vol. 33, issue 1, pages 139-146
I argue that the U.S. Mint should stop producing pennies. The Mint is losing money on penny production and new evidence from a multi-state convenience store chain shows that eliminating the penny will not impose a “rounding tax” on consumers. Eliminating the penny will have a negligible impact on inflation and on convenience store costs and profits, but it will save time for customers and clerks, which may be worth about $730 million per year.
References: View complete reference list from CitEc
Citations View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: http://EconPapers.repec.org/RePEc:eej:eeconj:v:33:y:2007:i:1:p:139-146
Access Statistics for this article
Eastern Economic Journal is currently edited by Susan L. Averett and Edward N. Gamber, Lafayette College
More articles in Eastern Economic Journal from Eastern Economic Association
Contact information at EDIRC.
Series data maintained by Victor Matheson, College of the Holy Cross ().