“A penny for your thoughts…”: should one-cent currency stay in the United States? (“A Penny Saved is a Penny” K7469). Though lobbying against the penny has been occurring for years, legislation was formally presented to Congress fairly recently. Proposed in 2006, the COIN Act, which stands for “Currency Overhaul for an Industrious Nation,” would require sellers to round down to the nearest nickel for “sums ending in 1,2,6, or 7 cents” and up for “sums ending in 3,4,8, or 9 cents” (“Eliminating the Penny Debated.” 5). So long as the public is persuaded to comply, pennies should be phased out of the American Economy as soon as possible: historical precedents have already proved our readiness, and pennies are not a successful form of currency.
