Analysis of information sources in references of the Wikipedia article "Penny debate in the United States" in English language version.
Whaples said that based on the average American wage, $17 an hour, every two seconds of an average American's day is worth 1 cent. "That's going to add up to about $300 million per year for the U.S. economy," Whaples said.
Multiply that last figure by the number of Americans & you find that getting rid of the penny would free up economic resources valued at about $1 billion a year.
The rising commodity prices of copper, nickel and zinc have increased the value of the metal in both pennies and nickels so that the content of these coins now exceeds their face value. There is concern that speculators could remove pennies and nickels from circulation and sell them as scrap for profit.
The median worker earns just over $36,000 a year, or about 0.5 cents per second, so futzing with pennies costs him $3.65 annually.