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Via the Freakonomics weblog comes the world’s best anti-penny rant.
Give it a watch. I agree with everything in it.
As you may know, I spent the last 6 months living in Australia. There the penny has successfully been banned. Maybe the word “banned” is a bit harsh, but either way the Australian penny is no more.
Australia adopted a policy of Swedish rounding back in 1991. Under this policy the cost to make a purchase of a basic good is rounded to the nearest multiple of 5. For example, your lunch may cost $4.97, but you would only be expected to pay $4.95. The penny became useless and was thus removed from Australia’s currency offering.
Check out the video for more on this subject.
