The penny at this point is only useful for paying tax. So, by getting rid of the penny, every transaction that requires a tax to be paid will either require rounding up to the nearest $0.05 or forcing people to use a debit card to pay for the transaction. This will severely hamper the use of cash for transactions and quietly force you into an all digital dollar.

Visa and MasterCard love this idea and "lobby" (bribe) Congress regularly for it.

So a penny will be worth around 4 cents?