(MONEY Magazine) – Debate over whether the U.S. mint should continue to produce pennies is heating up. Arizona congressman Jim Kolbe has proposed a bill that would require retailers to round up or down to the nearest nickel, effectively eliminating the penny. In the bill, Kolbe cites a 1997 study by the General Accounting Office that said the penny was unprofitable for the U.S. Mint to produce. Plus, he argues, it's just a pain. "Using pennies takes up a lot of time--it's inconvenient," said a Kolbe spokesman. "And they weigh down people's bags."

Maybe so. But it appears that Americans are loyal to the little copper and zinc coin: In a recent study by Coinstar, 65% of people voted to keep it in circulation. Americans for Common Cents, meanwhile, contends that the coin helps sustain charitable causes that survive on small donations. And yet another vocal penny proponent is Penn State University economist Raymond Lombra, who argues that abandoning the penny would have a major adverse effect on the U.S. gross domestic product. He estimates that the "rounding tax" (that is, price increases from retailers rounding up) would cost consumers $600 million a year.

Interestingly, Coinstar's survey also found that support for the penny is divided along gender lines: Nearly 25% more women than men voted in its favor. Why? Says Coinstar: "We think it's because women have bigger wallets."

--CYBELE WEISSER