It is long overdue and the nickel should also go. Pennies have stayed around for no reason for far too long.
I do have a bunch of wheat pennies I had collected when young and some very worn older Indian Head pennies that my grandfather had collected from when he was a cabbie. Their value is apparently about a penny as they are very worn.
Somewhere there is a related thread to this, but this should be fine as an additional stand alone.