Poll: Get Rid of the Penny?

Every time it rains, it rains nickels from heaven.

Could that soon be the case in the United States? Do you think it’s time to get rid of the penny?

Canada already is moving in that direction with the recent decision to phase out the Canadian penny.

To listen to Canadian politicians, it’s penny pandemonium north of the border. Pennies cost more to make in Canada than they’re worth—1.6¢ Canadian for each penny. People don’t pick them up on the street. Customers refuse them as change.

And, the finance minister argued, “pennies take up too much space on our dressers at home.”

Pennies cost more in the United States to make and distribute than their value—2.41¢ per penny. To be fair, the nickel also costs more than its value, the U.S. Mint reports.

Canada plans to handle its change problem by rounding. Change totaling $1.02, for example, will now be an even $1, while $1.04 will round up to $1.05.

No word on how Canadian 99¢ stores will survive.

Tell us: Should the U.S. penny become a thing of the past?