The penny is more of a detriment to America than it is a blessing. The penny costs more to produce than it is worth, as well as being a burden on cashiers.
Removing the Penny would not cause any damage to the economy, and would only help it. Canada recently removed it, and it has helped them. I petition we remove the penny the same way Canada did: Allow the use of pennies, but have them shipped off to the U.S. Mint to have them "cremated," and round up/down prices based on their prices. So a $19.99 item would become $20.00 while a $19.96 would be $19.95 and a $19.92 item would be $19.90.
For more information watch:
http://www.youtube.com/watch?v=y5UT04p5f7U
http://www.youtube.com/watch?v=nU4E6SSy5Yg