We should eliminate the penny, nickel, and dime–these have negligible purchasing power, are expensive to produce, and pollute the environment. We should also round all prices to the nearest 25 cents, and ensure that all posted pricing for products includes tax. These simplifications will make the shopping process better, faster, and easier.

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We should eliminate the penny. This isn’t a new idea, but as time passes and the purchasing power of the penny continues to dwindle and the environmental impacts become increasingly glaring, it’s an idea whose time has come. It costs more than a penny to make a penny. We should stop making them.

But it’s broader than the penny.

With the prevalence of electronic commerce and credit card purchasing, coins have become increasingly irrelevant. And just as the penny has lost value over time, the nickel and dime are suffering the same fate. What can you buy for five cents? Ten? These coins have become increasingly irrelevant. They bring unnecessary complexity to the marketplace as well as an environmental impact that has no justification. They’ve outlived their usefulness and should be eliminated.

What about the quarter? It seems valuable to have one coin for occasional mechanically operated payment devices like some parking meters.  There are still some things that can be bought for a quarter, though the list is shrinking. They have minimal usefulness, but not zero yet. So quarters should remain for a while longer.

With the elimination of these small coins, all prices should be rounded to the nearest quarter. This would streamline pricing and simplify the transaction process for everyone, and make the math easier.

This simplification should be accompanied by a change in pricing philosophy. We have the capability now to see electronic maps of neighborhoods halfway around the world and can get the price of a plane ticket six months in advance, but if we’re standing in line at a counter to buy a Snickers bar we don’t know what it will cost because the posted price doesn’t include sales tax. How can this be? In today’s world of data transparency, predictive analytics, and extensive pricing comparisons, we should create much clearer pricing for shoppers. How much time could be saved in the line at Starbuck’s or Erik’s Deli if the customers could look at the menu on the wall, see the prices, and have the correct change ready in advance? Why are we so demanding of search engine optimization for scouring the web but perfectly content not to know the price we’ll pay for a bagel when we get to the front of the Noah’s line in 30 seconds? We should fix this. Posted prices should include tax, it’s as simple as that.

With small coins eliminated, prices simplified, and final prices posted, buyers and sellers will have faster, simpler, easier interactions, and we will eliminate wasteful and environmentally damaging coins. In all areas of our economy we’re addressing complex challenges to optimize commerce and help the environment; we should take care of these simple ones that make sense.