It is time for the penny to ride off into the sunset of the American experience. Once a useful and meaningful part of our currency, it is now relegated to sidewalks, coin fountains, and jars sitting on dressers. How many people actually carry and use pennies? I ask stores to keep any that I get for change because I don't want to deal with them.
The penny has also been a victim of inflation and no longer represents any real degree of value; the best use of them now is as flattened collectibles from vacation spots. Furthermore, it now costs more to mint a penny (~1.8 cents) than the penny is subsequently worth.
Ceasing manufacture of the penny would cut government costs (granted only a bit) and would probably ease pressure on copper markets (a major factor in construction costs).