Canada's decision to stop producing its penny has launched a discussion in the U.S. In Canada, it costs 1.6 cents to produce a penny — so getting rid of the coin will save the country an estimated 11 million Canadian dollars a year. Meanwhile, in the United States it costs 2.4 cents to make a penny. Would frugal Abraham Lincoln approve? Richard Smith is the creative director at Sullivan, a New York brand engagement firm, and the president of the Dollar ReDe$ign Project.