Let's Change Our Money, Part One

Here are the denominations of currency that we need to use in the future:
The Nickel (5 cents)
The Quarter (25 cents)
A One Dollar Coin
A Three Dollar Coin
A Five Dollar Bill
A Twenty Dollar Bill
A One-Hundred-Dollar Bill

Thus signifying the discontinuance of the Penny & the Half-dollar Coins, also the One-dollar, Two-dollar, Ten-dollar and the Fifty-dollar Bills.

The cost to manufacture each penny is 1.7 cents and the value of the metal in the coin is more than a penny. Pennies are a hassle to deal with and the annual loss of productivity is estimated between $300 Million to One Billion Dollars.

Any fears that the "rounding of prices" to the nearest nickle would cause inflation have been found to be unfounded as rounding up has been accompanied by near equal incidences of rounding down.

In a time where we need to be efficient and not wasteful, we can let go of doing things the way we've always done them. And also as the way we pay for our purchases is evolving into more electronic transfers through debit-cards, credit cards and using our Smartphone to pay for things, we don't carry around as much cash.

The currency denominations I proposed are perfectly fine for most common usage and work well for making change. Most industrialized and top-tier countries have already made similar changes with a savings of billions of dollars in government expense and private sector productivity.

Part Two of "Let's Change Our Money"  will deal with how we determine what the value of our money will be.