The idea of doing away with the penny misses the point.
The question is why does it cost three cents to produce a penny? Can we make a penny for less? I’m suspecting it could be done.We should try that first because the loss of that denomination will have repercussions.
Who do you think it will cost every time a purchase comes to $0.96? You, the consumer, will be expected to eat the difference; the business never will. This seems like an innocuous loss, but consider how much 337,000,000 of us will leave on the table over the course of a year.
Better to streamline production and reduce costs so everyone’s math makes sense.
The idea of doing away with the penny misses the point.
The question is why does it cost three cents to produce a penny? Can we make a penny for less? I’m suspecting it could be done.We should try that first because the loss of that denomination will have repercussions.
Who do you think it will cost every time a purchase comes to $0.96? You, the consumer, will be expected to eat the difference; the business never will. This seems like an innocuous loss, but consider how much 337,000,000 of us will leave on the table over the course of a year.
Better to streamline production and reduce costs so everyone’s math makes sense.