Ya we did that up here a few years ago.  Makes sense as nothing costs a penny anymore and copper is needed for other things as a conductor of our essential electricity!  It took a little change of process when doing a real money transaction but the cents still exist like they did before in digital format.  

I haven't seen any appreciation in the value of coins but haven't looked in collector circles.  I used to love to survey my useless collection of pennies in hopes of finding one from the 40s.