I suppose that in the great scheme of things, it really doesn't make much sense (cents?) to create a coin that costs more to make than it's worth. On the other hand, think of the mileage we've gotten out of it. "A penny for your thoughts," my mother used to say. Or two expressions I've used a lot, "worth every penny" and "I bet that cost a pretty penny." Think of all that we've gained culturally from the penny. So would it be being just a bit (!) penny wise and pound foolish to get rid of it? :-)
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