When Australia dropped their $0.01 coin in 1992 they originally went with "nearest rounding" i.e. 0.01 and 0.02 go down, 0.03 and 0.04 go up.

That only lasted a few years until they changed it to always "round up" - i.e. it always goes up to 0.05.

For what it's worth, dropping the $0.01 coin is great, every time I'm in the US I try to avoid them like the plague.