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G.F. 323
- 8
CHAPTER III
PROPOSALS FOR CHANGE
The ideal sequence of denominations
27.
Two considerations govern the choice of coin denominations, They should be in a simple relationship to one another so that payments may be made and change given easily for any amount. They should also be chosen to enable transactions to be conducted with the smallest practicable
number of coins in circulation. This in effect means a compromise between excessive numbers of one or two low-value coins (a problem we face with our present ten cent piece), and an equally undesirable proliferation
of denominations.
28.
Assistance in this matter was sought from the Commissioner for Census & Statistics whom we requested to advise us on any relatively easy way of deciding a coinage range, from $5 downward, which could be
considered the optimum. The Commissioner informed us that he had given consideration to the application of a relatively sophisticated (and expensive) approach to the solution of the problem. However, he had concluded that such action was not worth undertaking and that a simple opinion survey of major users of coins was probably the best approach.
29.
The best ratio between coins of successive denominations te
allow payment of any given amount, or give change to any given amount, with the smallest number of coins is one to two; i.e. coins should
stand in binary sequence 1, 2, 4, 8, 16, 32 - each denomination
representing double the value of the previous one. However, such coin
denominations are not compatible with our present decimal system where
the main units stand in the relation of one to a hundred.
below shows the ratios between successive denominations in the present sequence of coins and notes and also in two alternative sequences which, in respect of coin denominations, have been selected to achieve as closely as possible the binary sequence.
The table
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