NWH said:
Would the mere absence of friction make it go round forever?
Yes. Without friction, the elliptical path of both coin and planet is stable.
Think about throwing a ball in the air. (Let's ignore air friction.)
It starts off with high speed moving upward.
As it rises, it gains potential energy but loses kinetic energy.
As it reaches its zenith, it has max potential energy and zero kinetic energy. Note though, that is has exactly as much energy as it had when it left your hand.
As it begins to fall, it trades off potential energy for kinetic energy.
Once it reaches the ground, it has max kinetic energy and zero potential energy, yet still has exactly as much energy as when it left your hand.
If you manage to somehow have your ball not hit the Earth (say you replace the Earth with a black hole of identical mass but which is only one mile in diameter), the ball will fall all the way to centre, picking up kinetic energy as it goes. It will loop around and come back, shooting past you to its max height again.
And voila! the ball is in
orbit!
More generally, everytime someone throws a baseball, they are putting the ball into orbit around the Earth's centre - barring air friction and impact with the Earth's surface.