The $0.01 coin costs taxpayers billions of dollars in time and money every year. It costs us more than a penny to make a penny. It is a coin that is widely considered worthless to consumers. It languishes in coin jars. People throw them away, or use them to make souvenirs. Almost no machines accept them.
Many other countries have eliminated their penny with success. Cash transactions simply round up or down to the nearest 5 cents. The last coin the US eliminated, the half-penny, had more buying power than today's dime. It simply makes good economic sense for the US to go ahead and eliminate this useless coin from its currency.