The expected but missing denomination

Started by <k>, August 19, 2017, 02:30:00 PM

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Figleaf

There are not two patterns, 1 - 2 - 5 and 1 - 2½ - 5, but more. From memory, Russia and Bulgaria had a 1 - 3 - 5 pattern. Countries with a high inflation expectation (e.g. Israel) often use a 1 - 5 pattern. The middle value is neither missing nor expected. It is simply cheaper not to develop a denomination that will buy nothing within a very short time.

The Spanish empire used a binary pattern: 1 - 2 - 4 - 8, which explains the US dollar (8 reales), ½ dollar (4 reales) and quarter (2 reales). The lower values are decimal. From the two pattern perspective, the US should mint a 2 cents (2½ cents would be impractical as there is no longer a half cent coin), though it would be more logical to abolish the 1 cent.

When I was young, there was no 2 cent (the 2½ cent and the ½ cent fell into disuse together) nor a 50 cent and 5 gulden coin or note in the Netherlands. The 5 gulden (about €2.25) came later, first as a note, later as a coin that had the function of low value commemorative denomination, like the current €2 coin.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Pabitra

Currently Philippines has circulation coinage from 1 Sentimo to 20 Piso.
7 coin series has  10 sentismo, 50 Sentimos and 2 Piso missing.
These denominations have existed in recent past.

<k>

#32






I knew you were going to say that.
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chrisild

Quote from: <k> on October 06, 2020, 12:17:48 AM
What you never have, you never miss, so they say. It's all subjective, of course, but to me it stands out as a lack.

When we still had Mark and Pfennig coins in Germany (pre-euro Fed. Rep.), our neighbors did have such twenty-something coins. :) Ironically, I did not actually miss the 20 Pf piece (which the GDR had) but found the setup in the Netherlands where we often were and are – with a kwartje (25 ct) but no 50 ct coin – somewhat strange ...

For practical reasons (production cost, cash logistics) you do not want "too many" denominations. So in quite a few countries the governments decided that it is more efficient to make plenty of "1 xyz" coins but no "2 xyz" coins. Makes sense to me, but sometimes such decisions are "thought over" again. (Remember how long it took in the UK to fill the "gap" between the 10p and 50p?)

Christian

chrisild

Historical side note: All Germanies combined, "we" had a 20 Pfennig coin until 1892; in 1909 that was replaced by a 25 Pfennig coin. The latter was taken out of circulation less than ten years later, partly because that quarter was not popular anyway, partly because nickel was "too precious" in WW1. The 20 Pfennig came back in 1969, but in the GDR (East G.) only. The Federal Republic did not have that denomination until the Mark and Pfennig coins were replaced by the euro cash. Now in the pre-euro Fed.Rep. years there was this setup:

0.01 – 0.02 – 0.05
0.10 – 0.50
1.00 – 2.00 – 5.00
10 – 20 – 50
100 – 200 – 500

Coins up to 5.00, notes as from 5.00; there was a 1,000 note too.) Note the second line in that setup. Logically you would expect a 0.20 piece there. Practically ... oh well. ;)

Christian

Big_M

Malta 1972 set: 1 mil missing (2,3 and 5 mils issued)

Globetrotter

Quote from: chrisild on October 06, 2020, 11:24:14 AM
Historical side note: All Germanies combined, "we" had a 20 Pfennig coin until 1892; in 1909 that was replaced by a 25 Pfennig coin. The latter was taken out of circulation less than ten years later, partly because that quarter was not popular anyway, partly because nickel was "too precious" in WW1. The 20 Pfennig came back in 1969, but in the GDR (East G.) only. The Federal Republic did not have that denomination until the Mark and Pfennig coins were replaced by the euro cash. Now in the pre-euro Fed.Rep. years there was this setup:

0.01 – 0.02 – 0.05
0.10 – 0.50
1.00 – 2.00 – 5.00
10 – 20 – 50
100 – 200 – 500

Coins up to 5.00, notes as from 5.00; there was a 1,000 note too.) Note the second line in that setup. Logically you would expect a 0.20 piece there. Practically ... oh well. ;)

Christian

https://en.numista.com/catalogue/pieces6586.html, the 20 PF from the Kaiserreich

<k>

#37
Quote from: Big_M on October 06, 2020, 12:23:25 PMMalta 1972 set: 1 mil missing (2,3 and 5 mils issued)

Yes, it's odd to have no '1' subunit.



Malta, standard reverses, 1976.




Malta, 1982.  Tenth anniversary of decimalisation.  A legend replaces the wreaths.
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FosseWay

Quote from: <k> on October 06, 2020, 02:18:21 PM
Yes, it's odd to have no '1' subunit.

I've often wondered about these kinds of cases - where one or more existing denominations in a series presuppose the existence of another, which in fact does not exist. In many cases, it is arithmetically possible to cope without the missing one, but in my view it makes transactions unnecessarily complicated for no obvious benefit, and it tends to presuppose that a customer has an assortment of small change with them, which I think is an unreasonable presumption.

Malta is one example, as you say. You can buy something costing 14 mils with a 2 cent coin and get two 3 mil coins in change. But what happens if you've only got a 1 cent coin and a 5 mil coin?

There are others where higher denominations imply the existence of a half-unit that in itself doesn't actually exist. British India's lowest value regal coin was the 1/12 anna, or 1 pie, or 1/3 pice. But the next denomination up the scale was the ½ pice - i.e. worth 1½ pies. But there is no ½ pie / 1/24 anna coin with which to make up change.

Venezuela has had something similar, where it has had both a 12½ centavo coin - a legacy of the real system in which it was 1 real - and normal decimal small change in the form of 1, (2), 5 and 10 centavo coins. Again, how do you make change for the odd ½ centavo?

I believe both the Netherlands and the Antilles continued to use 2½ cent coins after the demise of the ½ cent - if I'm right about that, the same applies there.

Presumably the odd half-pie/cent/centavo was sufficiently worthless that people just rounded it, as they do today with odd 1 and 2 eurocent values. But in the case of the euro, there are no higher denominations that presume the existence of the 1 and 2 cent, so there isn't a "missing" denomination as such.

<k>

#39



The Bahamas has always lacked a 50 cents coin for circulation.

It does issue collector 50 cents coins as part of sets, however.

This makes sense, as the currency is pegged to the US dollar.

In practice the Americans do not like using their half dollar, although they do have one.
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<k>

#40


Mauritius minted its last QEII portrait set in 1978.

Denominations: 1, 2, 5, 10 cents, ¼ rupee, ½ rupee, 1 rupee.



Mauritius 2000-2012 set.jpg

No more circulation coins were minted until 1987, when the country issued a new design series, without the Queen's portrait.

The new 1 cent was minted in 1987 only - its final minting.

Denominations: 5, 20 cents, ½ rupee, 1 rupee, 5 rupees.


Now, there were no 2 cents or 10 cents coins and no quarter rupee, but a new denomination was added: a 20 cents coin.

Nowadays the 5 cents coin is the lowest circulating denomination.
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