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Pennies are bronze colored because for many decades they were in fact made of copper or bronze. Those metals were chosen because they were cheap enough that they could be used in enormous amounts to make low-value coins, along with being hard enough to stand up to a lot of wear.

When the price of copper went up in the 1980s the Mint had to choose a cheaper metal to avoid having pennies that were worth more than 1¢ each. Zinc was selected, partly because it's not expensive and partly because the zinc lobby has a lot of influence. Zinc is silvery in color, so to prevent confusion with dimes and to maintain the 200-year tradition of "copper" pennies, the zinc coins are plated with copper so that they look almost like their older bronze cousins.

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