A brilliant decision. Now if we could only get rid of our 1 euro cent here.
According to some inflation figures I quickly found on the internet, a (US dollar) penny had a hundred years ago 23 times as much buying power as a penny nowadays. That means the smallest denomination was then was worth almost as much as a quarter is now! People could get by without smaller coins then and they should be able to work perfectly fine now without worthless pennies.
Even better: the US used to have a half-cent but they abolished it in 1857 due to its lack of value. With inflation, it's worth more than today's dime.
Move to the Netherlands. The one-euro-cent and two-euro-cent bits don't exist here unless you're doing a bank transaction; cash transactions get rounded to the nearest 5 cents.
According to some inflation figures I quickly found on the internet, a (US dollar) penny had a hundred years ago 23 times as much buying power as a penny nowadays. That means the smallest denomination was then was worth almost as much as a quarter is now! People could get by without smaller coins then and they should be able to work perfectly fine now without worthless pennies.