retire the penny?

[ksniperfox]

so as usual im flippin radio stations on my way home from work, and theres nothing on. go to 95.5, and theyre having some talk show regarding the retirement of the penny. interesting.

apparently some want to get rid of it, as it costs the US mint more to produce than it is worth. under this idea, all cash transactions would round to the nearest nickle. .2,.8,.9 transactions would round to 0 while .3,.4,.7,. would round to 5. supposedly a new rounding tax would be imposed, to take back more of your $ for whatever you gained from rounding. supposedly the poorer people, or those without debit/credit cards would be hassled the most, as they only have cash.

those who advocate this plan claim that the penny is a waste of money and a waste of time(click link for warrants to claims)

nickels are made (75%?) of copper. there is a politician from some high copper producing state who would stand to benefit from removing the penny, and is a supporter of the movement.

more info at www.retirethepenny.org

discuss.