The Optimal Denomination of Currency: A Conjecture

Adrian Tschoegl ()

Journal of Money, Credit and Banking, 1997, vol. 29, issue 4, 546-54

Abstract: L. G. Telser (1995) and Scott Sumner (1993) argue that the optimal system of denominations of currency would consist of a sequence of denominations that differed from each other by a factor of three. The fact is that today no currency follows the powers-of-three principle. The author argues that existing currency systems are the result of an evolution over time that is subject to historical influences and social factors, especially the counting systems that societies use. Copyright 1997 by Ohio State University Press.

Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:546-54

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