In 2012, the cost of creating pennies by the U.S. mint was approximately $118 million. Why are cutting funding to other things while this antiquated form of currency is still being struck? Other countries, including our neighbors to the north, have dropped pennies from their currency. Since the time that pennies were made legal tender in 1864, the value of the penny has dropped due to inflation to 1/14th of it's original buying ability. Minting the penny now is equivalent to the US minting 1/14th cent coins in 1864, which of course they didn't. Logically, the lowest denomination coin we should have would be a 15 cent piece - but I think that we can keep dimes and nickets - for now.
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