With President Obama stating his opinion on retiring the penny, it is time to show citizen support for such measure. According to the US Mint's 2011 annual report, it costs 2.4 cents to produce one cent. With the production of 5 billion pennies, the US Mint, in 2011, spent about $120 million to produce only $50 million of circulating currency. It is time to retire the penny for economical and efficiency reasons.
Citations:
http://www.retirethepenny.org/
http://www.usmint.gov/downloads/about/annual_report/2011AnnualReport.pdf