One of the arguments against abolishing the penny is that it would lead to a ’rounding tax’, some folks have done some complicated math to figure try and show you’ll end up paying more if we round prices to the nearest nickel. Of course, other people have done some complicated math to show that isn’t true (too lazy to link to citations). As I threw worthless penny’s on the ground the other day, it occured to me that most people are at a net loss from having penny’s because nobody keeps them all. Between losing them, throwing them in a jar that sits around and never gets spent (or goes into coinstar at a 15% loss), people don’t keep their penny’s. I’m guessing this isn’t accounted for in the formula’s mentioned above.

For more anecdotal evidence of how worthless the penny is, I was talking about this subject with a friend who’s a Senator’s aid. I occasional press him to push for legislation to abolish the penny, so he knows how I feel. He told me that he was invited to some event in which a new penny was being put on display, and they’d be giving them away. He didn’t go. He was invited to an event were money was being given away. He didn’t go, because penny’s are worthless.

Someday I’m running for Congress on the no penny platform.