Arguments for Elimination
Production at a loss: as of Feb 2011, it costs about 2.4 cents to mint a penny.
Lost productivity and opportunity cost of use: the median wage in the US is about $17/hr so it takes about 2 seconds to earn one cent. If it takes only 2 seconds extra for each transaction that uses a penny, the cost of time wasted in the US is about $3.65/person annually; $1 billion for all of the US.
Limited utility: pennies already aren't accepted at many vending machines or toll booths.
Prices would not be higher: Research shows that rounding would have virtually no effect.
Historical precedents: There has never been a coin in circulation in the US worth as little as the penny is worth today
http://en.wikipedia.org/wiki/Penny_debate_in_the_United_States#Arguments...