The Future of the Penny

Money is supposed to facilitate the exchange of goods and services, which pennies manifestly fail to do. Every one cent coin minted in the united states costs one point eight two cents to create. Last year, the us. Mint lost 69 million dollars minting pennies. It requires over two pounds of pennies, around a kilogram, to purchase a single gallon of gasoline. But eliminating the penny would not increase prices. None of the countries that have eliminated one cent coins has seen a corresponding rise in inflation.