Penny saved is a penny spurned
Personally I am against this, but if we are getting rid of pennies, we might as well get rid of nickels. They also cost more than $.05 to make. If this is a purely economical reason, then why not change the materials they are made of. They have done it before - during WWII they made the pennies out of steel for a couple of years. No reason they could not make them out of steel, aluminum or any other material.
They have been debating for years on getting rid of pennies for years - worthless coins like the half penny. Maybe so, but the question becomes where does it end? Eventually we eliminate all coins. They would fall prey to the "worthless coin" mentality. So with no coins if your bill came to $5.10 (or even $5.01) you would have to pay $6 for that purchase - you know no business would write off that dime and they cannot give you change for $6.
Dollar bills have likewise been talked about as "worthless".