There's no real need for pennies to exist. A lot of places with more undervalued currencies don't have coins smaller than 10 or 5 of the smallest denomination.
Just means you'd have to change all the .99's to .00 or .95... so all those transactions would be either easier or cheaper!
And since everybody just throws them in fountains and piggybanks they have to make allot. I wonder if we are going to cancel it. The government in Canada is deciding this week I think.