Cardwacko's right, it wouldn't be that bad, but it would still increase prices. And ArtStrom, this isn't a spam thread.
Hold on a minute. Read my post again, smack yourself in the head and tell me what are you trying to tell me here.
Anyway, onto the topic of your common cents, the penny would still be kept for quite some time, but mints will start making it in bronze soon. As for the current cents, they are made of more than 97% zinc. So no, the US mint is not going to stop the circulation anytime soon, but it is probable that they will melt the old (pre 1980s) cents, which are worth more than 2 cents each now.
Lastly, according to a few articles, the cost to produce one cent is about $0.0122.
There, we have got numbers.