Pizzeria owner says he will no longer accept $10 bills with Canada's 1st PM on them
(thepostmillennial.com)
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If a country has the $20 and the $5, why even bother to print the $10?
If a country has dimes and dollars, why have quarters? Or nickels and quarters to dimes?
I know there's a golden ratio-ish reason why the .25 and the .05 are more efficient than the .1, but I am in no mood to draw diagrams.
In my opinion Japan has it right: 1 5 10 50 100 500 coins then notes starting at 1000. I didn't know how annoying the euro 2 and 20 cent coins were until I paid for stuff on holiday there.
Like any coinage matters in Japan when even the parking meters accept SUICA.
Perhaps such is the case for $10 bills, too, then?
Yes.
Say you want to have 99 units of something. If your bills are the 1 and the 10 then you'll have 18 bills. If your units are the 1, 5, and 20, you have 12 bills, a 1/3rd reduction. With the 1, 5, and 25, you have 11.
I remember back in the 90's the Fed brought up the idea of dropping the $10 to save money. They did a lot of research to prove that the $20 actually circulates more than the $10 does and that many businesses simply don't request $10 straps to put in their registers at all.