If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. |
|
|
|
Thread Tools | Display Modes |
#1
|
|||
|
|||
Optimum interval between denominations?
In the dollar coin thread, someone speculated that if the dollar bill
were discontinued, people would use two dollar and five dollar bills and presumably deal with a *ton* of quarters in change rather than start using the despised dollar coin. Has anyone ever studied from a psychological point of view the tradeoff between having to keep track of a lot of denominations vs. receiving a large number of coins or bills in change? I know someone did a mathematical proof and came up with a bizzare system involving a 17-cent coin among other things. That is not practical, as it would require people to be able to do arithmetic. It seems that Americans are content with a ratio of five; there haven't been any two-cent coints for a long time, and neither businesses nor customers seem interested in using the two dollar bill. Similarly, four quarters to the dollar seem acceptable with little interest in using a half-dollar coin. As purely anecdotal evidence, I have noticed that fast food joints will often give me two or three fives when making change for a twenty. Have they decided that the ten is inefficient, or have they just not been getting very many of them? While we seem to prefer these intervals of five or four in several cases, dimes and ten dollar bills are still in use. Does anyone know if the fifty is used more or less than the hundred dollar bill? It seems to me that eliminating the dime, ten, and fifty would be more efficient--slightly more objects changing hands, but only seven denominations total, only six or five for business to stock as change, and less if we eliminate the penny. -- "Remember when teachers, public employees, Planned Parenthood, NPR and PBS crashed the stock market, wiped out half of our 401Ks, took trillions in TARP money, spilled oil in the Gulf of Mexico, gave themselves billions in bonuses, and paid no taxes? Yeah, me neither." |
Ads |
#2
|
|||
|
|||
Optimum interval between denominations?
On Oct 5, 4:37*pm, (Paul Ciszek) wrote:
In the dollar coin thread, someone speculated that if the dollar bill were discontinued, people would use two dollar and five dollar bills and presumably deal with a *ton* of quarters in change rather than start using the despised dollar coin. *Has anyone ever studied from a psychological point of view the tradeoff between having to keep track of a lot of denominations vs. receiving a large number of coins or bills in change? I know someone did a mathematical proof and came up with a bizzare system involving a 17-cent coin among other things. *That is not practical, as it would require people to be able to do arithmetic. It seems that Americans are content with a ratio of five; there haven't been any two-cent coints for a long time, and neither businesses nor customers seem interested in using the two dollar bill. *Similarly, four quarters to the dollar seem acceptable with little interest in using a half-dollar coin. *As purely anecdotal evidence, I have noticed that fast food joints will often give me two or three fives when making change for a twenty. Have they decided that the ten is inefficient, or have they just not been getting very many of them? While we seem to prefer these intervals of five or four in several cases, dimes and ten dollar bills are still in use. *Does anyone know if the fifty is used more or less than the hundred dollar bill? It seems to me that eliminating the dime, ten, and fifty would be more efficient--slightly more objects changing hands, but only seven denominations total, only six or five for business to stock as change, and less if we eliminate the penny. I too get a lot of $5 bills rather than $10 bills in change. IMHO there aren't enough $10 in circulation. That being said, I recently saw signs at 2 different stores saying that they needed $5 bills. Go figure! I also think that the $100 bill is used more than the $50. Nothing scientific, just an observation. |
#3
|
|||
|
|||
Optimum interval between denominations?
On Oct 7, 11:47*pm, Jud wrote:
On Oct 5, 4:37*pm, (Paul Ciszek) wrote: In the dollar coin thread, someone speculated that if the dollar bill were discontinued, people would use two dollar and five dollar bills and presumably deal with a *ton* of quarters in change rather than start using the despised dollar coin. *Has anyone ever studied from a psychological point of view the tradeoff between having to keep track of a lot of denominations vs. receiving a large number of coins or bills in change? I know someone did a mathematical proof and came up with a bizzare system involving a 17-cent coin among other things. *That is not practical, as it would require people to be able to do arithmetic. It seems that Americans are content with a ratio of five; there haven't been any two-cent coints for a long time, and neither businesses nor customers seem interested in using the two dollar bill. *Similarly, four quarters to the dollar seem acceptable with little interest in using a half-dollar coin. *As purely anecdotal evidence, I have noticed that fast food joints will often give me two or three fives when making change for a twenty. Have they decided that the ten is inefficient, or have they just not been getting very many of them? While we seem to prefer these intervals of five or four in several cases, dimes and ten dollar bills are still in use. *Does anyone know if the fifty is used more or less than the hundred dollar bill? It seems to me that eliminating the dime, ten, and fifty would be more efficient--slightly more objects changing hands, but only seven denominations total, only six or five for business to stock as change, and less if we eliminate the penny. I too get a lot of $5 bills rather than $10 bills in change. IMHO there aren't enough $10 in circulation. That being said, I recently saw signs at 2 different stores saying that they needed $5 bills. Go figure! I also think that the $100 bill is used more than the $50. Nothing scientific, just an observation.- Hide quoted text - - Show quoted text - From my own personal observation. Every payday I cash my check at one bank. They inevitably ask me how I want it. I tell them big bills are fine, with $100 in $5 bills. The big bills are usually all $100s, but sometimes the tellers don't have enough on hand so I get $50s as well. I then trek down the street and deposit the cash into my account, except for the 20 fives. Then off to the local Hess station and pick up a carton of smokes. They're always asking for $5s and $10s. So I get my smokes and help them out as well. If anyone's interested, I live in NY, and we have the highest cigarette taxes in the country, thanks to our recently fired unelected governor. Now if we can only get Cuomo's son to repeal them (can you say FAT CHANCE?). Jerry |
#4
|
|||
|
|||
Optimum interval between denominations?
|
#5
|
|||
|
|||
Optimum interval between denominations?
In article , beekeep wrote: Personaly I would like to see the cent, nickle, and 1/2 dollar eliminated. Just mint the dime, quarter, and dollar coins. Cut the "Twenty five cents please." "I don't have a quarter, but here's three dimes." "Ummm, that's not going to work..." rag dollar and print the 5,10, 20, 50, 100. Add a 500 to the circulating bills. Perhaps even replace the $20 with a $25 bill? Or the $0.25 coin with a $.20 coin? Reprogram the cash registers to only one place after the decimal point. Then how are you going to deal with all of those coins worth $0.25? -- "Remember when teachers, public employees, Planned Parenthood, NPR and PBS crashed the stock market, wiped out half of our 401Ks, took trillions in TARP money, spilled oil in the Gulf of Mexico, gave themselves billions in bonuses, and paid no taxes? Yeah, me neither." |
#6
|
|||
|
|||
Optimum interval between denominations?
"Paul Ciszek" wrote in message ... In article , beekeep wrote: Personaly I would like to see the cent, nickle, and 1/2 dollar eliminated. Just mint the dime, quarter, and dollar coins. Cut the "Twenty five cents please." "I don't have a quarter, but here's three dimes." "Ummm, that's not going to work..." rag dollar and print the 5,10, 20, 50, 100. Add a 500 to the circulating bills. Perhaps even replace the $20 with a $25 bill? Or the $0.25 coin with a $.20 coin? Reprogram the cash registers to only one place after the decimal point. Then how are you going to deal with all of those coins worth $0.25? Easy. For situations like that, we can just mint a 65¢ coin so the customer could get two 20¢ coins in change. It's so obvious even the government could do the math. |
#7
|
|||
|
|||
Optimum interval between denominations?
I agree with the premise that the $.20 coin makes sense instead of the
quarter as we use the 1, 2, 5 monetary system: $.01, $.02, $.05, $.10, $.20, $.50 However in light of the expense of the penny I could not see resurrecting the $.02 coin. On 10/10/2011 2:15 PM, Bremick wrote: "Paul wrote in message ... In , wrote: Personaly I would like to see the cent, nickle, and 1/2 dollar eliminated. Just mint the dime, quarter, and dollar coins. Cut the "Twenty five cents please." "I don't have a quarter, but here's three dimes." "Ummm, that's not going to work..." rag dollar and print the 5,10, 20, 50, 100. Add a 500 to the circulating bills. Perhaps even replace the $20 with a $25 bill? Or the $0.25 coin with a $.20 coin? Reprogram the cash registers to only one place after the decimal point. Then how are you going to deal with all of those coins worth $0.25? Easy. For situations like that, we can just mint a 65¢ coin so the customer could get two 20¢ coins in change. It's so obvious even the government could do the math. |
#8
|
|||
|
|||
Optimum interval between denominations?
|
#9
|
|||
|
|||
Optimum interval between denominations?
I agree with the 1-2-5 concept but I don't see the need for the cent, two
cent or the nickel. My lowest monetary unit would be the dime, then a 20 cent coin and a 50 cent coin. The latter reduced in size from its current 30.6 mm to slightly larger than a quarter (24.6 mm), maybe 26 mm. The dime can remain at 17.9 mm. and the 20c at its old 22 mm diameter. Most prices would be rounded up to its nearest dime--about the same thing that would happen if the cent were eliminated.. Go to your local grocery store and you'll find that about 95% or so of the prices end in a 9. At least that's true where I buy my groceries. And the same is true in most other types of stores. The cent and the nickel are needed only when tax is added on although something like 34 states don't charge sales tax on food purchases at a grocery store. -- Richard The significant problems we face cannot be solved at the same level of thinking we were at when we created them. (Albert Einstein) ""Roßert G. Schaffrath"" wrote in message ... I agree with the premise that the $.20 coin makes sense instead of the quarter as we use the 1, 2, 5 monetary system: $.01, $.02, $.05, $.10, $.20, $.50 However in light of the expense of the penny I could not see resurrecting the $.02 coin. On 10/10/2011 2:15 PM, Bremick wrote: "Paul wrote in message ... In , wrote: Personaly I would like to see the cent, nickle, and 1/2 dollar eliminated. Just mint the dime, quarter, and dollar coins. Cut the "Twenty five cents please." "I don't have a quarter, but here's three dimes." "Ummm, that's not going to work..." rag dollar and print the 5,10, 20, 50, 100. Add a 500 to the circulating bills. Perhaps even replace the $20 with a $25 bill? Or the $0.25 coin with a $.20 coin? Reprogram the cash registers to only one place after the decimal point. Then how are you going to deal with all of those coins worth $0.25? Easy. For situations like that, we can just mint a 65¢ coin so the customer could get two 20¢ coins in change. It's so obvious even the government could do the math. |
#10
|
|||
|
|||
Optimum interval between denominations?
In article , beekeep wrote: Then how are you going to deal with all of those coins worth $0.25? They would only be used in pairs for 50 cents. It ain'r rocket science, there are only ten possible situations. A coin that is only used in pairs is inefficient, not to mention bizzare. You might as well permanently join the pairs together-- i.e., issue a single coin that replaces them--since single coins of that denomination will be a nuisance. -- "Remember when teachers, public employees, Planned Parenthood, NPR and PBS crashed the stock market, wiped out half of our 401Ks, took trillions in TARP money, spilled oil in the Gulf of Mexico, gave themselves billions in bonuses, and paid no taxes? Yeah, me neither." |
|
Thread Tools | |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
Currently Available Denominations - USA | A.E. Gelat | General Discussion | 5 | June 9th 06 09:25 PM |
What's up with gold coin denominations? | Owen Linzmayer | Paper Money | 5 | December 7th 05 11:48 PM |
Are US denominations efficient? | John Charles Wilson | Coins | 93 | October 22nd 05 03:58 AM |
What are the strangest coin denominations? | B.J. Herbison | Coins | 12 | March 17th 04 12:37 AM |
Large Denominations | Malanutt 4 Life | Coins | 31 | October 26th 03 03:58 AM |