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Time to Eliminate the Penny from the U.S. Coinage System: New Evidence

Robert Whaples ()
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Robert Whaples: Wake Forest University

Eastern Economic Journal, 2007, vol. 33, issue 1, 139-146

Abstract: 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.

Date: 2007
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Eastern Economic Journal is currently edited by Cynthia A. Bansak, St. Lawrence University and Allan A. Zebedee, Clarkson University

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Handle: RePEc:eej:eeconj:v:33:y:2007:i:1:p:139-146