It costs close to 2 cents to make a penny, and billions of pennies are made each year.
We propose that the government stop making pennies. Further, we ask that you institute a period of time (perhaps a year, or whatever is adequate), during which pennies are still legal for purchases, but also can be exchanged at a government entity for greater denominations. At the end of this period, pennies can no longer be used for purchases, and the government can reuse the material for some greater purpose.
We acknowledge that the penny has a certain sentimental or historical value, but we respectfully suggest that a token with those characteristics be left to the business of museums, collectors or souvenir shops, rather than for the U.S. Government to lose millions of public funds on annually.