Coins/Discontinued

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(first writeup)

Revision as of 10:21, 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 (eg: get 3x20¢ instead of a 50¢+10¢... )

...

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.


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!

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.
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