Australian Cash Granularity

[Jason Rennie]

bstanley@uow.edu.au said:
> This is correct. The $ 0.05 granularity only applies to cash, as the
> smallest coin is $0.05. The $0.02 and $0.01 copper coins were
> withdrawn from circulation about 5 years ago now, although they are
> still legal tender!

> Cheques, bank transfers, credit charges, interest, etc, are still made
> out to an accuracy of $0.01. 

In this situation, it seems reasonable to just use 100 as the denominator 
for all AUS dollar accounts.  Trying to maintain the 20/100 separation 
may be difficult or impossible if we make some sort of "one denominator" 
per account assumption, which is a very useful assumption to make.

Using 20/100 would mean that the UI could error-correct cash 
transactions, but that's a small win for something that is likely to add 
major complications to monetary calculations.

Jason D Rennie          www.ai.mit.edu/~jrennie/
MIT:  (617) 253-5339          jrennie@ai.mit.edu
MITRE: (781) 271-7249          jrennie@mitre.org