The 1-cent coin is a nuisance and of little real value. Time wasted to count and exchange these coins actually exceeds the face value of the coin itself, even at minimum wage. Furthermore, the cost to produce the coins is more than the face value of the coin.
Eliminating the coin will save billions over the next 10 years and have little impact on the lives of the average citizen. Allow all businesses to round transactions to the nearest $.05.
For those who feel they are being short changed by the rounding--even though in actuality totals will round up equally as often as they round down--gently remind them that rounding already exists in common transactions: If you buy one item that is marked 3 for $1, it'll cost you $.34, yet no one complains over the 2/3 rounding.