Eliminating it shouldn't be too much of a problem. Australia did it back in the early 90's, getting rid of the their one-cent and two-cent pieces. Only cash transactions were effected while interest/bills are earned/paid to the cent.
From a CNN article:
Quote:
At the time of the transition, according to Michael Skully, Professor of Banking at Monash University in Melbourne, the Australian government kept a close watch for profiteering associated with the elimination of the penny, while the nation's major retailers rounded totals down. The elimination of 1 and 2 cent pieces did not "disproportionately hurt the poor" as ACC asserts it would if rounding was imposed in the United States.
"I certainly don't recall any riots in the street when it happened," said Skully.
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Also:
Quote:
"Americans overwhelmingly want the penny," said Weller (Executive Director of the pro-penny organization). "They also hate rounding."
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In other words, Americans are just fucking lazy.
I am a dolphin, do you want me on your body?