Jeff Gore has suggested scrapping the 1 cent coins a few years ago. Why doesn't the US cancel the pennies? Is it that terrible to the economics to keep the copper coin?
As mentioned in the comments, Greg Mankiw has also discussed it here:
Per year, the average citizen wastes 12 minutes paying with pennies. That’s like half of an episode of The Office. Twelve minutes is also the length of the first human spacewalk by Soviet cosmonaut Alexey Arkhipovich in 1965.
Mankiw also estimated this 12 minutes of wasted time costs the U.S. economy approximately $1 billion every year.