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The current cost for manufacturing a nickel is 7.29 cents per coin. So long as most Americans remain attached to the penny whether their reasons are logical or not its unlikely that a bill to eliminate it will ever make it through Congress. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. Citizens to Retire the U.S. Penny cites a study done by Walgreens and the National Association of Convenience Stores showing that handling pennies adds an average of two seconds to each cash transaction. Aaron notes in a Brookings Institution editorial that eliminating pennies would help with cash transactions as well, since it would make calculations easier without having to deal with fractions of cents. For instance, penny supporters claim that eliminating the coin could harm the economy or hamper charities in their fundraising efforts. the penny under one cent. The bills, according to the Federal Reserve, cost only $0.155 to print, far less than their $5 face value. Time to Ditch the Penny; It Is Useless and Bad for the Environment That doesnt sound like much, but a 2019 Federal Reserve study shows that the average consumer still makes 11 cash transactions each month and according to the Bureau of Labor Statistics, there are over 343 million consumers in the country. Pennies are basically worth pennies today, and they consume vast quantities of natural resources to produce. Based on this data, Whaples concluded that after sales taxes and fees, consumers would come out slightly ahead on average with prices rounded off to the nickel. I personally think that we should keep pennies for these reasons. You have it. "Open an IRA in 15 minutes." It's a Money Loser for Retailers. Letting us know his views on keeping or eliminating the penny will help us determine how important or unimportant the penny is for us to keep or not keep. It also says there are many reasons to believe that time spent at the register could actually increase, rather than decrease, if pennies are eliminated. That's why last December, Congress directed the United States Mint to nd ways to produce our coins more cost-effectively. Charities such as the Leukemia and Lymphoma Society and Ronald McDonald House raise funds through penny drives, encouraging people to donate their unwanted pennies for important causes. Yes, abolishing the penny is worth considering. Its the only coin we have that has Lincolns face on it! That means that annually, the United States loses 60 million dollars in pennies every year! As the U.S. Mint explains, the copper surface of a penny accounts for only 2.5% of its metal content. 12, 2012, United States Mint, "United States Mint 2015 Annual Report," usmint.gov, June 2016, Associated Press, "US Penny Campaign Benefits Blood Cancer Research," newsday.com, Feb. 10, 2009, University of Southern California, "The USC Penny Harvest Wrapped up Its Third Successful Year," communities.usc.edu (accessed July 2, 2018), Common Cents, "Non-Profits," commoncentsdallas.org (accessed July 2, 2018), Mary Hance, "Penny Drive Sets Record in Raising Money for Second Harvest," tennessean.com, Feb. 17, 2017, Vlogbrothers, "I HATE PENNIES!!!!