Why the penny should stop being produced:
Pros-
1. Pennies costs more to make than it can actually buy
(http://www.usmint.gov/about_the_mint/PDFs/2014-rd-biennial-report.pdf)
2. Pennies are worthless* or they are worth -$.007 if you factor production costs
(*Not technically worthless, just that people would rather give things away for free than waste time requesting $.01 from someone else- http://www.npr.org/2014/05/21/314447812/these-days-a-penny-doesnt-buy-ve...)
3. Other countries have phased out the penny and stopped wasting everyone's time
(http://www.economist.com/blogs/newsbook/2013/02/economist-explains-why-c...)
Cons-
1. Higher dependency on nickel, which costs even more to make (see previous sources)
Solution- stop producing the nickel as well