Penny blanks are made from large sheets of metal. They are put through a machine that cuts out the coin blanks, almost like a cookie cutter. The blanks are then sent to the mint where they are stamped.
I believe a company that creates penny blanks is "Ball." For other coins, the Blanks are made at one of the U.S. Mint locations.
here are some links
http://www.usmint.gov/kids/Cartoons/birthOfACoin/
http://www.ballcorporate.com/page.jsp?page=110
http://www.usmint.gov/mint_tours/index.cfm?action=vtShell
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