The US One cent piece is a wasteful use of our government money. The cost of creating one penny is almost 2 cents (1.8 cents per the the US Mint's 2013 annual report). This means to make $60 million worth of pennies the US government has to spend $120 million. A penny no longer holds its own value.
We have retired money before - the half penny. It is time to let go of the penny, it no longer serves its purpose.. Many other nations have dropped their one cent pieces without negative repercussions - it is time for us to do the same.