Mike Moffatt explains why we’re better off without the penny and why eliminating it won’t cause the nation to descend into fractional chaos.
Any change naturally comes with costs and benefits. The only significant cost is to retailers who will have to adapt their point-of-sale systems, a small change for a $130-million-a-year benefit. Prices will not rise and charities will not suffer. Let’s follow the lead of so many other countries around the world and eliminate a coin that no longer serves a useful purpose.