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"Brother, Can You Spare 18 Cents?," by Alan Burdick. Discover October 2003, pages 28-29.
Jeffrey Shallit of the University of Waterloo has done an analysis of coin denominations to find a set of coins which would still allow people to make change but would decrease the amount of change they'd have to carry. Shallit found that U.S. transactions produced 4.7 coins on average and that a system of coins with an 18-cent piece or a 29-cent piece would produce less change. He is in favor of eliminating the penny (and rounding prices to multiples of five). The article also includes some statistics on change and Shallit's conclusions about coins in Canada and the European Union.
--- Mike Breen
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