Comment Three things - still can price to the cent w/o it. (Score 1) 245
Also I personally could not care less on the cost of producing the one cent piece a.k.a. penny. That could or could not be considered an investment. Though it is wasteful for one such low value and two; The issue is the cost of transactions. Paying someone $9+ an hour it cost more to time handle a few cents then your paying in wages, as $9 an hour is a penny ever four seconds. $12 is a penny every three seconds. And that is before benefits which cost the employer even more such as Social Security and Medicare employee portion (which is half - the other half is in your paystub) which together adds say to $12 an hour adds almost a dollar to employer costs ($0.918 an hour) plus add workers compensation insurance and unemployment which puts a $12 an hour worker costs over $13 an hour. A majority of states pay $10+ an hour for minimum wage.
Third and lastly I think this should be done in conjunction with other changes such as reintroduction of the $500 note (and $1,000 note when inflation from 1969 when the $100 note (a.k.a. bill) was made the highest common when in 1969 that is when the $500 notes got recalled when put into a bank – that is pulled form circulation, so we are not introducing new higher bills then $100 when adjusting from inflation when we A.S.A.P. start back up the $500 and eventually the $1,000 note when inflation from 1969 to today calls for it). Look at how in 2017 the $100 note overtook the $1 note as the most common produced. That is another call for higher notes (again a.k.a. bills). While at changes the one cent penny if you cannot tell by my earlier paragraphs should be discontinued. The fifty cent half dollar should go out with a big run for the 250 year design of the country, a grand finale. Dollar coins should ramp up. Also the dollar note should be discontinued and the typical cash (and coin) drawer make room for the two ($2) note and production of the two note be ramped up. The ten dollar ($10) note should be discontinued. The idea being in a typical drawer instead of having in this current typical order, extra full rolls, quarters, dimes, nickels and pennies on the bottom coin side there would be extra full rolls, dollar coins, quarters, dimes, and nickels in my proposed idea. On the notes (a.k.a bills) instead of the current typical order of hundred and fifties in the same slot then, twenties, tens, fives and dollar notes in my idea there would be $500 notes in the same slot as hundred dollar notes (or drop the $500 below the drawer or put it elsewhere), a place for in spot / slot two for fifty dollar notes, then twenties, fives and the lastly on the right in the fifth spot for two dollar notes. That would be the least amount of changes while catching up to inflation.