Coins/Discontinued
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| − | Of course, these numbers aren't real-world, since some amounts of change are vastly more common than others (needing 5¢ change is common, whilst 35¢ is rare), and often you'll not get the above examples of optimum (eg: get 3x20¢ instead of a 50¢+10¢... ) |
+ | Of course, these numbers aren't real-world, since some amounts of change are vastly more common than others (needing 5¢ change is common, whilst 35¢ is rare), and often you'll not get the above examples of optimum (most commonly I get 3x20¢ instead of a 50¢+10¢, further diminishing the likelihood of a 10¢ in my change) |
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+ | ... |
In my experience, I rarely get 10¢ coins in change - for the reason that my change rarely requires them. I will OFTEN end the day with many 5¢ coins, but they're almost always one-per-transaction. |
In my experience, I rarely get 10¢ coins in change - for the reason that my change rarely requires them. I will OFTEN end the day with many 5¢ coins, but they're almost always one-per-transaction. |
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* Save manufacturing costs by not needing a whole a coin... that's a full 25% of the silver coin product range! |
* Save manufacturing costs by not needing a whole a coin... that's a full 25% of the silver coin product range! |
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| + | However, I recognise that there are cons... (or at least, superseding pros to the 5c abolition... |
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Cons: |
Cons: |
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* Increased locking to retaining the 5c coin, since abolishing that would bring our cash transactions from multiples of 5¢ up to multiples of 20¢ in a single jump! That would be both unpopular, and a difficult transition |
* Increased locking to retaining the 5c coin, since abolishing that would bring our cash transactions from multiples of 5¢ up to multiples of 20¢ in a single jump! That would be both unpopular, and a difficult transition |
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Latest revision as of 10:23, 28 June 2011
In the 1990s, Australia abolished the 1¢ and 2¢ coins. NZ has abolished the 5¢ coin since. Should we follow suit?
http://www.smh.com.au/money/royal-mint-wants-5-coins-scrapped-20110627-1gmdb.html
However: Consider the change amounts that are possible... what is the optimal way to make change?
- 5
- 1x 5¢ coin
- 10
- 1x 10¢ coin
- 20
- 1x 20¢ coin
- 30
- 1x 20¢ coin + 1x 10¢ coin
- 40
- 2x 20¢ coin
- 50
- 1x 50¢ coin
- 60
- 1x 50¢ coin + 1x 10¢ coin
- 70
- 1x 50¢ coin + 1x 20¢ coin
- 80
- 1x 50¢ coin + 1x 20¢ coin + 1x 10¢ coin
- 90
- 1x 50¢ coin + 2x 20¢ coin
Totalling that up, we have:
- 5x 50¢ coins
- 8x 20¢ coins
- 4x 10¢ coins
What about the 5¢, 15¢, 25¢, etc... those are the same as above, plus a 5¢ coin
- 10x 5¢ coins
Of course, these numbers aren't real-world, since some amounts of change are vastly more common than others (needing 5¢ change is common, whilst 35¢ is rare), and often you'll not get the above examples of optimum (most commonly I get 3x20¢ instead of a 50¢+10¢, further diminishing the likelihood of a 10¢ in my change)
...
In my experience, I rarely get 10¢ coins in change - for the reason that my change rarely requires them. I will OFTEN end the day with many 5¢ coins, but they're almost always one-per-transaction.
[edit] Abolish the 10c coin?
Nemo says yes
Pro:
- It's not needed much
- Abolishing it requires no transaction rounding since it's rare need can be covered by using 2x 5¢ coins.
- Save manufacturing costs by not needing a whole a coin... that's a full 25% of the silver coin product range!
However, I recognise that there are cons... (or at least, superseding pros to the 5c abolition... Cons:
- Increased locking to retaining the 5c coin, since abolishing that would bring our cash transactions from multiples of 5¢ up to multiples of 20¢ in a single jump! That would be both unpopular, and a difficult transition
- Manufacturing costs are likely better saved by abolishing the 5¢ which has less profit per coin.
