Understood. But you can still use cash/coins of higher value. Looks like no other countries have a 0.01 unit because their currencies all suck and made it impractical. Ours was just the latest to suck.

Not really, then you would be giving away money, as they wouldn't be able to give you change. We are a base 100 cent system and the global reserve. He's not getting rid of pennies, rather not making them any more. I'm honestly not sure about the laws. He very well be required by law to maintain XX % of pennies in circulation.