Elon University Professor of Economics Brandon Sheridan spoke with WGHP's Bob Buckley for "The Buckley Report."
Brandon Sheridan, professor of economics at Elon University, was recently interviewed by WGHP, the FOX television affiliate in High Point, North Carolina, about whether the United States should eliminate the penny.
The idea came earlier this year when President Donald Trump brought up the possibility of getting rid of the one-cent coin.
From the WGHP interview “Triad professors make the case for getting rid of pennies,” published April 3:
“You’ve seen a lot of people in recent days start to question, well, if we’re going to get rid of the penny, why stop there?” Sheridan said. “Because part of the issue with the nickel – getting rid of the penny keeping the nickel – is if you don’t have the penny, you go to the next lowest coin, lowest denominator and that’s going to be the nickel and we, on a per coin basis, we lose more on the nickel than the penny, so why not just get rid of the nickel too because you’re going to increase demand for the nickel and it loses more money per coin than the penny does so if you move from the penny to the nickel, you’re moving to an even worse bed, essentially, and so why not just get rid of that too?”