Take the penny...

Some people argue that the penny should not be abolished, saying it’s obsolete in transactions nowadays. While yes digital payments are becoming more prevalent, millions of Americans still rely on cash, especially people of a lower income who may not have access to banking services or just simply make money through scrounging for change. Eliminating one of the US’s few coins would lead to price rounding, increasing costs for everyone. Even such a small change can add up.

Businesses may need to adjust their pricing if the penny was removed, which could be confusing.

Another business adjustment that would occur would be the loss of the ‘Take a penny, Leave a penny’ which can be a savior for those who come just slightly short in cash. While its cost may exceed its value, its role in the lives of many makes enough of a case for keeping them in circulation rather than their annihilation.