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Pity the poor penny!
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No, pity the poor citizen who was convinced by his government schooling and his banker that "wealth" and Federal Reserve fiat money are the same thing. Pity the poor person who works and saves only to have the dollar of his youth decline in purchasing power so it is now only only worth a nickel. Worse, pity the retired person who lends his hard-earned life's savings out so that he can have some income only to see the value of the money he is repaid in worth less and less each month.

Mourn the demise of the penny? No, far better to lament having a fiat money system that has a deliberate policy of a "targeted inflation rate" of 2%, which at times past has exceeded 20% of deliberate annual destruction of value.

Why do we put up with this system, which is owned by a private corporation (Attn Freepers: the US Federal Reserve is a private corporation, not a share of which is owned by the US Government) where a committee of unelected hyper-bureaucrats are given the authority to set the value of the US sovereign currency?

Google "federal reserve private corporation" yields 27 million hits. Read it for yourself.

Buy Gold?

Pennies are the only presently circulating "bullion" coin.

Why do we put up with this system, which is owned by a private corporation

So who owns it? Do they make a lot of money off of it? How much?