100 million in cold hard cash
A way for the Federal government to save over 100 million dollars, in a way that would benefit the market via all small businesses who count and handle cash, and save energy, paper, (zinc 97.5% of a penny) copper and nickel (nickels are 75% copper ) important metals very useful energy batteries, plumbing, electricity etc...
Drop the penny from cash minting. The penny currently costs more than a penny just to mint. http://www.nytimes.com/2006/04/22/business/22charts.html And everyone has heard the argument about pennies being a waist of time to all businesses who count cash.
This idea has been suggested many times, http://www.retirethepenny.org/
And it would be a promise kept. Obama "I will seriously consider eliminating the penny as long as we find another place for Lincoln to land." Greensburg, PA town hall meeting - March 28, 2008.
Another possible idea is to change the penny into the new nickel, maybe make it mostly steel. It does seem that it costs less than a nickel to mint a steel/nickel penny.
In 2008 it costs about 1.26 cents to make the penny and about 7.7 cents to make the nickel http://www.coinnews.net/2008/05/09/house-passes-bill-for-steel-cent-and-nickel-4085/
"According to the U.S. Mint, the 6.6 billion pennies produced in the 2007 fiscal year netted a $31 million net loss. The same year, nickel production caused a $70 million loss. Keep that up, and the Mint will soon be in line for a bailout. "
Another thought along the same lines to gain public approval for a change in US currency might be to have a national vote for a new president or person important to the people for a new 25 dollar bill, along with the new nickel. Any of these 4 John Adams, Lincoln, John. F.Kennedy or Jimmy Carter would have my vote for the $25 bill.
A 25 dollar bill would reduce the weight, paper and handling of money. U.S. currency weighs one gram per note (bill). There are four hundred fifty-four grams (rounded to the nearest whole number) in one pound. The Bureau of Engraving and Printing produced approximately 26 million notes a day. 57,268.72 pounds, per day of new bills.
Maybe a vote for the new nickel and $25 dollar bill, might be just the thing in combination with dropping .01 pennies from the market to make a change in cash money add up to savings for everyone. 2010 seems like a good date for currency change.
Here's to chipping away at the deficit and public debt anyway we can.
In God we trust - not the almighty dollar