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Future of the Penny: Options for Congressional Consideration

  Premium   Download PDF Now (21 pages)
Report Type Reports and Testimonies
Report Date July 16, 1996
Report No. T-GGD-96-153
Subject
Summary:

In reviewing whether the United States should continue to produce the penny, GAO found that several factors, including government costs, public attitudes, budgetary and operational consequences for the Mint and its contractors, and the fairness of rounding prices to the nearest 5-cent increment, warrant congressional consideration. Among key findings, GAO found that although it costs less than a penny to mint a penny, the government in 1994 lost between $8 million and $9 million after costs involved in distributing pennies were taken into account. Public opinion on the penny is mixed: a GAO poll found that most Americans prefer rounding to using pennies, but a similar number believe that the penny is useful and should be retained.

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