And we started a long time ago. 1 and 2 cent coins were demonetised in 1990, $1 and $2 coins replaced notes in 1991, all notes were switched to tough washable polymer in 1999, 5 cent coins were dropped in 2006 (and most other coins were reduced in size at the same time). I also almost never use cash.
It's not like we have a low-value currency unit either (e.g. Yen). Prices in NZ dollars are usually less than double the US dollar price in the US (and our prices include sales tax and shipping to NZ).
Yeah, if the US does this the nickel ($.05) should go too while we’re at it. We’ve put off getting rid of the penny so long that even 5x a penny is worthless. Switch to $.10, $.50, and $1 coins.
That said, a large portion of the country is cashless anyway. I almost never have cash on me.