In 2012, the U.S. mint produced and distributed 4.9 billion pennies, costing $118 million to create $49 billion worth of pennies. Each 1 cent penny is costing every US taxpayer more than 2 cents to make and even more to keep in circulation.
Canada has already innovated and taken the penny out of circulation. Even Mexico, whose GDP per capita is far lower than the US, has a coin with a value worth more than a nickel as its lowest denomination.
Not only is the penny an enormous waste of money, but it is an unnecessary burden on the environment to manufacture and keep in circulation. For most, pennies aren't even worth picking up off the ground.
This is a simple, impactful and symbolic change the administration can make to show its dedication to the American future.