Our money is costing us too much money to mint. Coin Update News posted an article this past February that advised that minting pennies costs 1.62 cents each and 5.79 cents to produce each nickel. The Canadians are considering doing away with the penny for the same reason. In addition many people believe inflation has made the lowly penny too inconsequential.
I personally do everything in my power to avoid having any pennies in my pocket because there isn’t anything left that costs just one penny. A half gallon of milk costs $1.79 at Trader Joe’s. If the price was $1.80 would anyone really care? Gasoline is so expensive why not just price it in multiples of 5 cents? After all, most of us buy gasoline in multiples of one dollar. I hand the clerk a $20.00 bill and say “twenty on pump 3”. I do not say “give me 10 gallons of gas on pump 3.”
This could be the start of an effort to make government more efficient and our lives a little simpler.
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