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Mental Cost of Pennies

One commenter writes on Matt Yglesias’s post about dollar coins:

My argument against the penny is as follows. Let’s say that minimum wage is $6/hour (for ease of calculation). That’s $0.10 per minute, or $0.01 per six seconds. The amount of time that it takes to dig one or more pennies out of your wallet to pay for something is about six seconds. So it isn’t worth anyone’s time to count out pennies, which means that we’d all be better off if there were no pennies in circulation.

My problem was with cleaning house. Picking up those spare pennies and organizing them was taking a lot of my time up.

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