The penny costs 3 cents to produce and it is ridiculous we are still producing this at a loss.
Canada no longer makes a penny and neither should we.
Eliminate production of the penny.
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Indeed, CGP grey has a terrific video covering this very subject.
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The same issue has arisen with the cent coin in the Euro zone. I have jam jars full of 1 and 2 cent coins, they are a nuisance to use, and banks will often not accept deposits of coins. Prices always seem to be set in multiples of five cents, so from a practical point of view they're largely redundant. However, the psychological trauma to the public who in general hate anything that seems to involve the removal of something they have had, will probably mean we are stuck with cent coins for years to come.
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