It costs the U.S. Mint 1.26 cents to make each 1 cent coin, meaning that taxpayers are losing 0.26 of a cent for each one of the 7.4 billion pennies the Mint produces each year.
The U.S. Mint makes an average of 20.27 million pennies per day to produce its 7.4 billion penny annual output. If we just get rid of the penny, the Mint would only have to do half the work!
Pennies are so worthless now that it doesn't even pay the federal minimum wage to stoop to pick one up off the street unless you can do it in 6.15 seconds or less.
We wouldn't pay more for each item we buy, only for the total price of what we buy. Even if you shop 2 or 3 times a day, and even if the rounding goes against you.
Don't worry, we won't lose Lincoln. Pennies will still be in use, just no longer made.