Pennies cost more to make than they are worth, so why not scrap them?

1.5 cents

The US spends 1.5 cents to produce each 1 cent coin.

Published September 01, 2017 | Photo by Reuters/Mike Blake

1.5 cents

Over the past decade, the US has paid more to produce a penny than the coin is actually worth. To produce nine billion pennies in 2015, the US lost about $46 million.

1.5 cents

Pennies are made of zinc and some copper. The price of both metals soared over the past 15 years.

1.5 cents

Eliminating the coin would help the government save money and would help cashiers save time. It could also reduce the environmental impact caused by zinc and copper mining.

1.5 cents

But while 34% of Americans would like to see the penny eliminated, 51% are against the idea.

1.5 cents

Eliminating the coin could also result in losses for consumers. Retailers would be able to set prices that when rounded would allow them to keep the change and profit.

Published September 01, 2017

Pennies cost more to make than they are worth, so why not scrap them?

1.5 cents

Over the past decade, the US has paid more to produce a penny than the coin is actually worth. To produce nine billion pennies in 2015, the US lost about $46 million.

Pennies are made of zinc and some copper. The price of both metals soared over the past 15 years.

Eliminating the coin would help the government save money and would help cashiers save time. It could also reduce the environmental impact caused by zinc and copper mining.

But while 34% of Americans would like to see the penny eliminated, 51% are against the idea.

Eliminating the coin could also result in losses for consumers. Retailers would be able to set prices that when rounded would allow them to keep the change and profit.

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Pennies cost more to make than they are worth, so why not scrap them?

1.5 cents

Over the past decade, the US has paid more to produce a penny than the coin is actually worth. To produce nine billion pennies in 2015, the US lost about $46 million.

Pennies are made of zinc and some copper. The price of both metals soared over the past 15 years.

Eliminating the coin would help the government save money and would help cashiers save time. It could also reduce the environmental impact caused by zinc and copper mining.

But while 34% of Americans would like to see the penny eliminated, 51% are against the idea.

Eliminating the coin could also result in losses for consumers. Retailers would be able to set prices that when rounded would allow them to keep the change and profit.

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corporate

Jeff Bezos could buy everything Amazon’s top 10 rivals sell all at once

Facebook’s popularity with teenagers is directly tied to family incomes

Technology

Xiaomi pulled off a $2.1 billion profit in its first public quarter

economics

Wall Street is in its longest bull market ever

economics

The first US marijuana-based prescription drug costs $32,500 a year

Technology

AT&T is being sued $224 million over a crypto investor’s $24 million loss

economics

Fentanyl overdoses are leading a surge of deaths in the US opioid crisis

economics

Apple’s trillion-dollar magic number was $207.05

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Bitcoin dips under $6,500 as the crypto market coughs up $600 billion

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China is fueling its own marijuana problem

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China is betting billions on unproven electric car startups