The US Mint should cease production of the penny because:
1. The penny costs more to make than it is worth. Each penny costs 2.41 cents to make, more than double its value; we run a penny deficit of $60.2 million each year (NYT).
2. Over the last century, the penny has lost 96% of its buying power (BLS calculator). The purpose of money is the exchange of goods, a job the penny is no longer capable of.
3. The penny is disrespectful to Lincoln. We are putting his face on the least useful coin we have ever issued.
4. Pennies waste time in transactions, and often end up out of circulation; most will be lost or thrown away.
5. Many other countries (Canada, Britain, France, etc) have eliminated their lowest coins with no problems.
John Green sums it up: www.youtube.com/watch?v=77C47XYm_3c