From a nostalgic and collector pov, I'd miss the penny. But from a practical point of view, it really should have been terminated September of 1982, when the US mint abandoned the copper penny and replaced it with a (fake) copper-coated zinc penny.

Another perfect (and graceful) time to end the penny was 2009 at the 100 year anniversary of the Lincoln cent. I remember 2009 when there were various new designs considered, one being disqualified because of it's uncanny resemblance to German coins minted during the rise of the Third Reich.

Come to think of it, all of our current change is fake:

Fake copper penny (really zinc)
Fake nickel (really 75% copper)
Fake silver dime and quarter (really copper clad)
Fake golden dollar (really copper)