As of 2013, the cost to produce one penny (valued at 1 cent) was 1.8 cents. The US Mint and government are actively losing money by continuing production of the penny.
Pennies are not typically accepted in bulk and at today's value are the least-valued coin the US has ever circulated.
Countries such as Canada, Australia, and New Zealand have ceased their production of one-cent coins, with minimal impact to their economies. Overseas US Military bases also no longer accept pennies, rounding prices to the nearest 5 cents.
The last time that a bill to retire the penny was brought in front of the US Congress was a decade ago, in 2006. In 2013, President Obama openly voiced his willingness to retire the penny. With the penny continuing to fall in value, it's time to try again.