How much would it cost us to eliminate the penny?

A pedestrian walks past a sculpture of a giant penny on New York's 42nd Street in 1993. Pennies remain in use as americans debate whether to eliminate them.

I'll go on the record as saying I personally am in favor of getting rid of the penny. I've got a jarful in my office just collecting dust.

And really over the course of a year how much difference would rounding up or down to the nearest nickel really make, anyway?

As it happens, we have an answer to that question: 

Canada began phasing out its penny at the beginning of last year and a Quebec man kept track of how much he was gaining or losing over a year. Grand total? He was 89 cents ahead after 365 cash transactions.

So there you go: I say get rid of it.

About the author

Kai Ryssdal is the host and senior editor of Marketplace, public radio’s program on business and the economy.

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