The penny costs taxpayers more to mint than its face value. Few people today actually go through the hassle of using them. The nation as a whole should take a step forward and follow the lead of our overseas military bases: stop circulating the one cent coin.
The last coin removed from circulation, the halfpenny, in today's value would be worth a tad bit more than a dime. (Maybe we should consider retiring some other coins too?)
Purpose for money: EFFICIENT means of exchange. Trying to buy a gallon of milk with a bag of pennies would be not only awkward, but a refused exchange in most circumstances. That is not efficient at all.
We don't need the penny! Get rid of it!