❗Let's close the gap: We still need your help to raise $40,000 by April 1. Donate now
Final Note

How much would it cost us to eliminate the penny?

Kai Ryssdal May 21, 2014
HTML EMBED:
COPY
Final Note

How much would it cost us to eliminate the penny?

Kai Ryssdal May 21, 2014
HTML EMBED:
COPY

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.

There’s a lot happening in the world.  Through it all, Marketplace is here for you. 

You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible. 

Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.