The Penny costs too much and is obsolete.
- It costs a lot more to produce than it is worth. The U.S. Mint spent nearly $120 million in 2011 making pennies.
- Inflation has all but eliminated the coin's value; a quarter today is worth about what a penny was before the Civil War, when the half-cent coin was eliminated.
- Very few vending machines will take a penny
- Without the penny, charities that take coins will enjoy increased donations beginning with the nickel.
- Pennies have not been accepted on U.S. military bases overseas for decades
Sources: Wikipedia.org and retirethepenny.org