It is worth a cent. That is it's monetary 'value'. But yes, it costs more to make than it's value. Because of metal and other costs. According to the latest figures I got, it costs 1.5 cents to make one cent this year.
By definition a cent is worth a cent. The cost of manufacturing a cent coin would include the raw materials (which is less than a cent), the cost of manufacture including machinery, dies and labor, and the cost of distribution. That is what adds up to make that 2.7 cents. Perhaps we should move on to how a dollar bill is not worth a dollar?
The Mint will continue to do this as long as the dime and quarter profits to produce them cover the costs associated with the losses in the cent and nickel. Also the continued profits from all of the other offerings from the Mint show them to be one of the few government agencies to continue to make a profit. The rounding off idea continues to catch a lot of flack but once these coins are discontinued, I doubt the public will for long miss the $1.99 store sales they have become accustomed to seeing. I could also speak of lobbying in D.C. for the metals these are made of but that would be against the rules here to pursue, but it is a fact. And until Crane gets with the times and pursues polymer notes, paper notes will continue. This topic come up on a regular basis but at this point there is no end in sight for either the cent or nickel.
I looked are you going to be quite now, BTW this is what quite means, quite kwīt/ adverb 1. to the utmost or most absolute extent or degree; absolutely; completely. "it's quite out of the question" synonyms: completely, entirely, totally, wholly, absolutely, utterly, thoroughly, altogether "two quite different types" 2. to a certain or fairly significant extent or degree; fairly. "it's quite warm outside" synonyms: fairly, rather, somewhat, slightly, relatively, comparatively, moderately, reasonably, to a certain extent; More exclamation BRITISH 1. expressing agreement with or understanding of a remark or statement. "“I don't want to talk about that now.” “Quite.”" I’m glad your quite now. .
Of course if they would stop making the cents and five cents they could turn over an even larger profit to the general fund.