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The E-Sylum:  Volume 9, Number 40, October 1, 2006, Article 16

COMMENTS ON DICK JOHNSON'S COINAGE PROPOSAL

Kavan Ratnatunga, writing from Sri Lanka (where the minimum fare
for the bus or train is still a nickel (Rs5) writes:

"On average 10 billion Cents are minted each year. About 300 billion
over say the last 30 years considered the lifetime of a coin. This
is about a 1,000 or US$10 worth of cent coins for every US Citizen.
Making the "penny" worth 10 cents will cost about US$27 Billion and
give each family of four a rebate of say $360. This is on the order
of the $600 granted a few years ago as a tax rebate - unlikely in
the current economy.

Rounding off any to nearest nickel is unbiased.

    If just the penny      rounded down   1-2 = 0
                           rounded up     3-4 = 5

    Rounding to multiples of 10 cents is biased unless an
    odd-even rule is adopted for 5 i.e.
                           rounded down   1-4 = 0
                           rounded up     6-9 = 10
          and 5 is rounded up or down to make multiple of 20

Americans who will be confused about nearest nickel will
be far more confused about nearest dime."

  Wayne Homren, Editor

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