COINS COST MORE TO MAKE THAN FACE VALUE
Due to increasing costs of metals, it now costs more to produce pennies and nickels than the finished products are worth. The US Mint estimates that this year it will cost 1.23 cents per penny and 5.73 cents per nickel to produce the coins, a 27% and 19% increase respectively. These rising costs have prompted some people to consider eliminating the lower denomination coins entirely.
This could be an excellent opportunity to look into widespread electronic monetary transactions, using a system such as rechargable Dexit payment system. Switching to an electronic currency system would have many benefits, both in terms of efficiency but also environmental and health-related. Mining is one of the most destructive human activities possible, eliminating some of the metallic coins used would reduce environmental damage caused by mining. Eliminating metallic coins would also reduce greenhouse gas emissions and energy consumption from metal smelting, and could cut down on illness by reducing the amount of materials that transfer from person to person.
via USA Today
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