Sr. Fellow Robert Whaples, Co-Editor and Managing Editor for The Independent Review, is interviewed by Scripps News on why the US should abolish the penny. It costs more to use pennies than they are worth. The time spent making change is worth more than the few cents used in a transaction. The US eliminated the half-penny in the 1860s, so it's time to get rid of the penny now, says Whaples. His research shows that rounding prices to the nearest nickel will save customers money as we transition to a cashless or "coin-less" economy.