I don't think so. In New Zealand--and Australia got rid of their penny as well--they still price things in the stores at $1.99. You take all your purchases to the cashier, they add them up, and maybe it comes to $58.62. If you pay with a credit card you get charged $58.62. If you pay cash and there's no penny, both of those countries have legislation that has established rounding rules. The merchant is required to round the total in favour of the consumer. So it can be done, and we can still live without the penny.
On February 13th, 2007. See this statement in context.