“The National Association of Convenience Stores and Walgreens drug store chain estimated that handling pennies adds 2 to 2.5 seconds to each cash transaction (remember that we are including the occasional customer who spends 30 seconds looking for the penny in his pocket). Let us estimate that each person goes through three of these transactions per day and that on average there is one person waiting in line (making for a total of three people’s time wasted in each transaction). We can then calculate that the presence of pennies wastes (3 transactions/day) × (2.25 seconds/transaction) × (3 people per transaction) = 20 seconds per day. Probably only about half of the wasted time is directly connected with a cash transaction, giving a total of 40 wasted seconds per day per person. This may not seem like a lot, but it translates to 40 × 365 / 3600 = 4 hours per person per year. If each person’s time is worth $15/hour then we arrive at the conclusion that each person is losing $60 per year, at a cost to the nation of over $15 billion per year. . . .”