Each penny costs around 2 cents to mint. Minting pennies (and nickels for that matter) is almost LITERALLY as close to throwing money away as anyone gets. The proliferation of electronic payments makes this wasteful expenditure all the more offensive. Nothing need be done for people using electronic payments. For cash payment. require retailers to round after-tax totals to the nearest 5 cent increment for cash payment (or ten cent increment if one is willing to take the more dramatic step of also eliminating the nickel which costs about 8 cents per unit) and stop the affront to logic that is the current state of the penny.
Incidentally, Canada has already eliminated their wasteful penny. Are we worse than Canada?