The penny is pretty worthless. Sure it is worth 1 cent but that doesn't buy anything. You can't even use them at parking meters or vending machines because they aren't worth anyone the time and space it takes to deal with them.
Couple that with the fact that pennies cost 2.4 cents to produce and it doesn't make sense that pennies still exist. Because not only do they not make transactions easier, they are a drain on the system.
Please, Mr. President, get rid of the penny.