Back in 1983, Cecil calculated that if it took 5 seconds to snatch a penny from the ground, that would work out to $7.20 per hour, which at the time was more than the minimum wage.
By 2009, after the minimum wage increase is fully phased in, they might consider other work, as penny earnings will fall just short of the new $7.25 federal level.
Nor is penny-poaching tax free. The IRS states, “If you find and keep property that does not belong to you that has been lost or abandoned (treasure-trove), it is taxable to you at its fair market value in the first year it is your undisputed possession.” So be sure to keep accurate records!
For the humor-impaired, there is also the de minimis rule: “A de minimis benefit is any property or service the value of which is so small as to make accounting for it unreasonable or administratively impracticable.”