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

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.

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Year of publication:	2007
Authors:	Whaples, Robert
Published in:	Eastern Economic Journal. - Eastern Economic Association - EEA, ISSN 0094-5056. - Vol. 33.2007, 1, p. 139-146
Publisher:	Eastern Economic Association - EEA

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Extent:	application/pdf
Type of publication:	Article
Language:	English
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005466760