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As executive director of Americans for Common Cents, a Washington, D.C.-based lobbying group that fights to keep the penny alive, Weller testified before a U.S. House banking committee as to the many reasons why the coin should be preserved. Chief among them, he said, is that eliminating it would allow merchants to round up to the nearest nickel, costing consumers an estimated $600 million annually. The penny is also a moneymaker for the U.S. Treasury. "The penny costs only .7 cents to make, so the Treasury makes .3 cents on each penny minted. This seignorage amounts to over $40 million each year." (spotted at pennies.org).