According to the U.S. Mint’s 2011 annual report, the cost of producing a penny is 2.4 cents per coin. With nearly 5 billion pennies minted in 2011, the U.S. spent almost $120 million to produce less than $50 million of circulating currency.
In this time of financial crisis, eliminating the penny would be an easy, logical way to cut millions of dollars of government spending.
The U.S. has already phased out a coin with no ill effects. The Mint stopped producing the half cent in 1857, when it was worth what a dime is worth today, and there was no public outrage or damaging economic effects.
For more information, go to http://www.retirethepenny.org/ or https://www.youtube.com/watch?v=77C47XYm_3c