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It costs the United States two cents to mint and ship every penny it produces. Some people would like to see the U.S. drop the penny and have the nickel be the lowest denomination coin. There are also advocates who would like to see the U.S. drop the paper dollar bill in favor of a minted coin which would last longer and be more cost effective to produce. However, the one dollar coins have proven to be fairly unpopular with consumers and businesses. To date, public opinion is still against dropping either the penny or the paper dollar bill.

Today (Monday, February 4th), Canada eliminated their penny and merchants will now round sales to the nearest five cents in cash transactions.

Click on the links below for related stories on CNN Money:
Should the U.S. kill the penny?
Kill the dollar bill, for $1 coins instead?
Canada kills its penny