It is high time that the United States mint stops minting the penny.
Some facts:
Each cent costs 2 cents to produce, for a total loss of $58 million in 2012.
The cent has almost no value. According to the Bureau of Labor Statistics:
In 1950, 1 cent had the same purchasing power of a dime today.
In 1970, it had the purchasing power of 6 cents today.
In 1980, it had the purchasing power of 3 cents today.
In 1990, it had the purchasing power of 1.8 cents today.
In 2000, it had the purchasing power of 1.3 cents today.
The cent is archaic. Canada is phasing out pennies. Europe has phased out eurocents.
Instead of donating pennies to charities, we will donate nickels. Charities will benefit.
The cent has stopped having value long ago, and it is time to retire them for good.