The mighty penny?

Our current Y! News 60 Minutes segment: should we get rid of the penny?

That question comes from critics who point out that it costs the U.S. government almost 2 cents to make a penny, because the metal it’s made from is more expensive than the coin’s face value. And before you get any ideas: the report makes clear it’s illegal to melt pennies and resell the metal.

So should the penny go the way of the half penny?

Discussions on the Yahoo! News 60 Minutes page have included calls to get rid of all cash and coin currency – and make everything electronic. But one viewer made an interesting counter argument:

“There are many people who do not have bank accounts. They have no access to debit cards or credit cards. They have to pay with cash. There have been studies showing cities like Detroit and Baltimore have significant numbers of people who only pay in cash. Getting rid of cash would not be feasible.”

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