Pennies cost more than a penny to make - at least one source puts the number for 2012 at 2.41¢. In 2012 roughly 6015.2 million pennies were minted. Therefore, to make $60152000 in pennies, and we spent $144966320 to do it. We wasted $84814320 on PENNIES.
Plus, pennies have so little buying power (and are accepted in so few places) as to be practically worthless. Most people collect them in jars, never to be useful to the economy.
Just do what Canada did - turn off the penny machine. For people paying with cards, have it the same price. For people paying in cash, without pennies, round to the nearest five cents. For those with pennies, don't round.
Have businesses ship the pennies they do get back to the mint to be melted down and remade into something useful.