Many consider the penny, the lowest denomination US currency, a symbol of America and an honor to Abraham Lincoln. Due to inflation and the increase in metal prices, it costs roughly two and half cents to mint a one cent penny. Thus, many Americans are calling the penny a vestige of the past and are calling for the United States to follow in the footsteps of nations such as Australia, Canada and New Zealand and discontinue the production of the penny.
The continued minting of the penny is drain on the US economy in numerous ways. The money saved from not minting the coin can be spent for a more productive cause.