The US cent costs 2.6 cents to manufacture while the base metals are only worth about 0.7 cents.  The question should be "why hasn't the US looked at dropping the penny as well?"

Personnally, I can't wait to get rid of the penny AND the nickel like New Zealand did.  Heck, even dimes are nearly worthless because I can't use them in parking meters.  All my pennies, nickels and dimes go into a drawer earmarked for CHARITIES.

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Starting Score: 676 Feb 2008; Current Score: 755 June 2013; Goal Score: above 780 this year
Oldest Account: 31.2 years; Current AAoA: 14.7 years; Current Utilization: 8.3%