This past week, Rep. Jim Kolbe (R-AZ) introduced legislation in the House that would eliminate the penny from circulation. The proposed law would force the rounding off of all cash transactions to the nearest 5 cents. The move is in part a reaction to the rising cost of zinc - the penny's main ingredient - which brings the current cost of making the coin to 1.4 cents each. At current prices, the U.S. Mint would spend some $44 million producing pennies this year, nearly $14 million more than in 2005. (CNN)
Do you agree or disagree with proposed legislation that would discontinue the U.S. penny coin?