Precedents in other countries Penny debate in the United States

many countries outside united states have chosen remove low-value coins circulation:

until 2012, canada minted one-cent coin of similar size , color american counterpart, steel interior metal instead of zinc, though composition near identical cents prior 2000 , circulates @ par in small quantities in united states (and vice versa). however, on march 29, 2012, canadian government announced eliminate penny coinage system. final canadian penny minted on may 4, 2012 , active distribution of coin mint discontinued on february 4, 2013. since date, businesses encouraged begin rounding cash transactions nearest five-cent increment. cheques , transactions using electronic payments – debit, credit , payments cards – not rounded.
new zealand eliminated one- , two-cent coins of new zealand dollar in april 1990, , five-cent coin in october 2006.
mexico s new peso transition in 1993 made five-centavo coin smallest denomination of new currency. in 2009, new coins minted ten, twenty , fifty centavo denominations.
at military bases overseas, aafes round or down nearest 5 cent denomination.

however, many nations still use coins of similar or smaller value cent. in cases, while nominal value of coin may smaller of cent, purchasing power may higher:

the republic of korea (south korea) stopped minting 1-won , 5-won coins, 10-won coins (worth us$0.01) still minted changing composition , used in supermarkets.
some countries in eurozone use 1- , 2-cent coins. posted prices include taxes, possible (but not standard) vendors round prices nearest 5 cents , eliminate need smaller-value coins. however, finland, ireland , netherlands have abandoned use of 1 , 2 cents altogether. finland ever produced small number of 1 cent coins, collecting , legal reasons.
panama , ecuador, use dollar currency, mint own coins including 1-centavo pieces identical in size penny. however, prices many goods , wages lower in countries compared us.




^ smith, teresa (march 29, 2012). budget: penny pinch — canada phase out copper coin . postmedia news. retrieved march 29, 2012. 
^ canada s last penny: final cent struck in winnipeg friday currency killed . canadian press/huffington post canada. 2012-05-04. retrieved 2012-05-04. 
^ schwartz, daniel (february 1, 2013). obituary: canadian penny, 1858–2013 . cbc news. retrieved february 4, 2013. 
^ phasing out penny, royal canadian mint. retrieved 2014-04-03.
^ history of new zealand coinage archived january 23, 2009, @ wayback machine., reserve bank of new zealand. retrieved 2008-01-02.
^ anuncio de cambios al actual cono monetario, banco de méxico. retrieved 2010-12-27.
^ ccessional record – house of representatives march 19, 2002, gpo.gov, page h959 (page 21 of pdf).
^ swedish rounding