Why the Penny Should be Retired
It costs 1.2 cents to make a penny (1 cent)! Now all the currencies in the world have value only because everybody who uses them agrees they have value. The RMB, for example, is rarely accepted in the United States because of rampant counterfeiting and capital controls by the Chinese government. The USD, one of the most counterfeited currency in the world, is accepted by everybody without question because it is THE currency of trade and commerce in the world (simply because the oil states have agreed to trade oil in USD). The SGD was not widely accepted in the early days of its use too. It was with great pride then, that I found the SGD accepted at the Leonardo da Vinci airport back in 1991 (but not the MYR! ...
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