Time to do away with coins?

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David W. Briggs, a reader from Marion, Ma., writes: In the article on tips for saving money (Consumer Reports, June '09) entitled "How to squeeze a nickel," one person reports setting aside every $5 bill he gets. What a change inflation has made! Fifty years ago $5 was worth 5 hours labor at minimum wages. A nickel now will buy what half a cent would buy then. Coins were originally designed to be durable for daily transactions and fragile bills for infrequent large transactions. Now, for many, coins are considered a worthless nuisance. While prices at x.99 cents and with sales tax making a total price in odd cents, it is easier to use a credit card. There has been talk of eliminating the penny and the dime. Perhaps Consumer Reports might review whether it would be in the consumer's interest to have a complete revision of our obsolescent currency. Should coins be eliminated? What do you think?

Submitted @ 2009-06-04