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Credit Coinage Commonsensical Codification; An Act to Ammend the Central Bank and Common Currency Act
Topic Started: 13 May 2018, 01:01 (83 Views)
Gribelt
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Discussion will last until 23:59Z on May 31st, 2018.

Charter Coinage Commonsensical Codification
 
Realizing that current coinage of the Labour Credit is seemingly nonsensical including coins of the .05, .1, and .2 denomination;

Recognizing this creates an extremely inefficient system where a change value such as .95 of a credit would require a large number of coins;

Noting that changing the .2 coin to a value of .25 would alleviate this problem and bring the coinage in line with most other currency systems;

Hereby amends Section 2.3.1 of the Central Bank and Common Currency Act from
Quote:
 
“The Labour Credit shall be issued in denominations of, in coin, .05, .10, .20, .50, 1, and 2 Labour Credits, and in notes, of 5, 10, 20, 50, 100, 200, and 500 Labour Credits.”


to

Quote:
 
“The Labour Credit shall be issued in denominations of, in coin, .05, .1, .2, .5, 1, and 2 Labour Credits, and in notes, of 5, 10, 20, 50, 100, 200, and 500 Labour Credits.”

Edited by Gribelt, 25 May 2018, 01:22.
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Gribelt
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While it is my preference to instead remove the .05 coin and make the currency a single decimal point, I'm apparently swimming alone in that regard. Adding a quarter credit instead of the .20 coin will fix some of the problems with the amount of coins needed for various values of our currency.
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South Jarvis
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If this amendment is to be agreed to, I would strongly suggest removing the statement "and bring the coinage in line with most other currency systems".

I don't have specific references just at the moment, but Wikipedia indicates that, outside of North America, a .20 (⅕) coin is more common than a .25 (¼) coin (cf. the Euro, UK, Australia, New Zealand, Mexico, Peru, etc. etc.)
Edited by South Jarvis, 14 May 2018, 03:35.
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South Jarvis
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I also can't seem to understand the rationale behind this change. Under the old system, 0.95 = 0.50 + 0.20 + 0.20 + 0.05 (4 coins). Under the new system, 0.95 = 0.50 + 0.25 + 0.10 + 0.10 (4 coins). This is the same number of coins.

Considering values between 0.00 and 1.00 in increments of 0.05, changing to a .25 coin would require fewer coins to make .25, .35, .75 and .85, but would require more coins to make .20, .40, .70 and .90. There appears to be no net benefit.
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Secretary-General of the Twelfth, Thirteenth, Fifteenth and Sixteenth Cabinets
MInister of Internal Affairs of the Labour and Socialist International
scientia omnia vincit
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Gribelt
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On second thought, I have amended the proposal to change us to a single post-decimal number for coinage. I feel this is appropriate considering how much currency exchange is likely done digitally where smaller values are appropriate, but in physical coinage having rounding isn't detrimental and quite convenient if you ask me. I doubt too many cash transactions require any value more granular than .1 of a credit, and it would greatly simplify things for dealing with coinage.

As a result of this I will hold off on putting this to a vote until the 31st.
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