Department of Homeland Security

Stop Minting Penny and Nickel

Call it the Small Change Act, the most a person would ever have to contribute on a single transaction would be 9 cents.

 

I once read that the cost of making the penny and nickel, both outweigh the actual value of the coin.

 

My proposal is similar to what some banks are starting to offer, in a keep the change program.

 

On all *CASH* purchases, the total price, after sales tax, would be rounded up to the nearest amount, in which change given, could be made by using quarters, dimes, or whole dollars.

 

Many people have discussed the idea to stop minting certain coins, but this idea would not only save time and money for the Government, but would also generate additional revenue.

 

To the individual it is "only" a penny or "only" a nickel, but, we are country of consumption, and for the government, that consumption, could help fund, education, Social Security, (Universal) Health Care, making Govt. property and facilities "Green," or other public benefits, and not just go to the general fund.

 

Because the penny and nickel still represent a monetary unit, it would not effect electronic or check transactions, because it still exists as a representation, but does not actually have a physical form. Even if you wanted to withdraw, from your bank, a specific amount of money that included pennies or nickels, it wouldn't really matter because any legitimate transaction you plan on making would result in the rounding up system anyway.

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Idea No. 3119