Fuck yeah it is.
When I was living in New Zealand, they eliminated the fucking FIVE CENT PIECE! Truly they are ahead of our time.
I can vouch for this - we also started producing smaller versions of the 10, 20, and 50 cent pieces, removing the old currency from circulation, and selling them off as scrap metal. The old coins are now valueless, so I sent a stack of them to my wife (then girlfriend) as keepsakes.