It's probably more a matter that inflation has robbed the penny of much utility. Rising copper prices have made pre-82 cents "worth" more than their face value. Even the newer, mostly zinc cents fall into this situation.
So make the penny out of aluminum or some type of polymer; it's just a counting device.
Once the penny is eliminated, they'll be trying to get rid of the nickel, mark my words. This very week, there's an article in Coin World magazine with some congresscrook or bureaucrat bellyaching about the cost of producing pennies AND nickels.
Jefferson Nickel
Value of metal $0.0673616
Metal value to face value 134.72%
1982-2007 Cent (97.5% zinc)
Value of metal $0.0108529
Metal value to face value 108.52%
1946-1964 Dime
Value of metal $0.9230
Metal value to face value 923.04%
www.coinflation.com
They need to start a new series of "States' $100 bills" to get people squirreling away cash like they did with quarters.
Or start a trend among the young and impressionable... "burning your own money is fashionable"... or "burn $100 in protest of..."