Right now, a penny doesn't even buy a penny.
According to the U.S. Mint’s 2011 annual report, the current cost of 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. The price of pennies will continue to rise unless we do something about it.
Right, left, or center, all parties know that the country needs to save as much money as possible. And it’s impossible to save money when it’s being wasted.
Myths about penny elimination
Myth #1: "It will make costs rise." This argument is pure nonsense. Canada, Australia, and several other countries eliminated their one cent coin and They didn't see their prices increase.
Unfortunately, I don't have enough room for more words.