But an average one cent coin is involved in more than a single transaction - if you amortise the cost of the coin over every transaction it is involved in, then itβs much less than one cent.
If the cost of metals in a coin is more than its value, you do have a point.
In the Netherlands we've been rounding to 5ct intervals for 20+ years now, and 1ct coins were abolished long ago. With the introduction of the euro, the 1ct and 2ct coins returned, but all shops still round to 5ct for cash transactions.
Every time I return from Germany I have a handful of 1 and 2ct coins though, since they haven't done this, and most prices are X.99.
If the cost of metals in a coin is more than its value, you do have a point.