Kill the Penny? Sure, But Kill the Dollar Bill, First!

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The Money ReportThe case against the penny is old and obvious. The cost of making a penny is 25% higher than face value. Vending machines won't even accept them. And as the New Yorker's David Owen famously pointed out, taking seven seconds to bend down and pick up a penny doesn't even keep up with a prorated minimum wage!

But while we're hating on American currency, why not go beyond the penny and abolish the dollar bill? The case, in a nutshell:

Earlier this month, the U.S. Government Accountability Office issued a formal proposal to the Treasury and Federal Reserve noting that if it eliminated the $1 bill and replaced it with the $1 coin, the country could save roughly $5.5 billion during the next 30 years. The reason, according to the agency's report, is that dollar bills have a shorter lifespan than dollar coins because they wear much faster, which in turn requires the government to spend more to print new bills.

Read the full story at Yahoo.

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Derek Thompson is a senior editor at The Atlantic, where he writes about economics, labor markets, and the entertainment business.

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