Speak Out: Goodbye Penny?

The U.S. penny, representing 1 cent, gets little respect to match its diminutive value. And now, there's talk of bidding farewell to the U.S. currency's lowest coin. 

As Canada is poised to eliminate its penny, the question of eliminating the American penny has been raised. Canada currency will be rounded to the nearest 5 cent. For example, items that cost $1.01 or $1.02 will simply be rounded down to an even $1.00, while goods that cost $1.03 or more will increase to $1.05, the Huffington Post reported.

Click here to read more about Canada saying goodbye to its penny here.

In the United States, there are a few groups — like Citizens to Retire the U.S. Penny and Penny Free Biz — which have pushed for a similar fate for the U.S. coin.

Citizens to Retire the U.S. Penny leads their argument with this statement:

According to the U.S. Mint’s 2011 annual report, the current cost of a penny is 2.4 cents per coin. With nearly 5 billion pennies minted in 2011, the U.S. spent almost $120 million to produce less than $50 million of circulating currency.

Should the United States retire the penny? Tell us in the comments!