Kinda yes, but in actuality no. Unless we get rid of the nickel as well, the treasury is required by law to replace the pennies removed from circulation with nickels. Nickels cost even more to mint, as a percentage of their value, than pennies, so it’s actually going to cost the taxpayers even more money.

But yes we no longer have to deal with pennies. Turns out we should actually get rid of dimes and quarters too, but that ain’t gonna happen anytime soon.