If the government gets rid of the penny, then checks, credit cards, and electronic money transfers may not have to be rounded to the nearest nickel.
House Banking's domestic and international monetary policy subcommittee held a hearing last week on the future of the one-cent coin. A General Accounting Office report considered at the hearing said 56% of the public favors retaining the penny. However, the coin cost Uncle Sam $8 to $9 million in 1994, according to the GAO report. Part of that cost included distributing the penny to commercial banks.