Given that the metal in the coin is probably worth more than the coin itself, the government could be subsidising some absolute bastard with a smelter
At any rate, now they still price items based on 1c, but your total is rounded to the nearest 5c ... if you are paying cash.
If you are paying by credit or debit card, they charge the exact amount.
The 1c and 2c coins are still legal tender, they just aren't produced anymore
A penny saved isn't a penny earned, it's just ridiculous. After 50yrs in a savings account, a penny is worth ... less than it was when you out it in.
In case you haven't noticed, banks pay interest at rates lower than the inflation rate (or pay slightly higher than the inflation rate & subtract bank charges), meaning that typically, you are losing a small amount of money the whole time it's in the account ....