With recent studies proving it may not even be worth keeping, the argument of whether or not the U.S. should continue to produce pennies is on the rise again. U.S. mint directors have found that billions of taxpayer dollars may be wasted on our outdated currency system.

Some of our minted money costs more to make than it’s actually worth and is a burden to the national debt. For this reason, the Coins Act has been proposed. It states that “switching from the dollar bill to a dollar coin, changing the composition of the nickel, and suspending production of the penny could save taxpayers up to $16.3 billion.” This proposal argues that the excessive production prices of the penny and nickel reflect our worn out monetary system. Every penny costs 1.4 cents to make. In the last decade, this has resulted in a million dollar taxpayer loss. The nickel has wasted $367 million in the past 11 years. The Coins Act is a bipartisan agreement; it is believed that it will transform the U.S currency system.

By updating our physical cash, the United States will not only save money, it will finally be able to keep up with other world powers. Saying goodbye to the penny is in our best interest.