Art. III.—On a Method of carrying out the Decimal Currency. By H. Skey. [Read before the Otago Institute, 11th August, 1908.] It must be conceded by all that a revision of our tables of money, weights, and measures is absolutely necessary. This is a true social question, to be solved scientifically. Owing to the magnitude of the undertaking, it would be impossible to deal with more than one of those questions at a time, so that the general public might become conversant with it first before undertaking the others. There is little doubt that the commencement should be with the currency, and I think, if it can be shown that the introduction of only one or two coins is all that is necessary to give us the decimal system of counting, the following method is well worthy of consideration. We have now eleven different coins in our currency; but the decimal currency can be effected by the use of only seven, four of which are

already in use. These can be made to give us all the advantages of a binary system as well. To effect this, let these represent— f the sovereign or pound (not altered). 1 florin (not altered); 10 equal 1 pound. 1 bron (a new bronze coin), the integer; 10 equal 1 florin. 1 tenny (a new copper coin); 10 equa On all these coins the names and relative values of each should be marked, so that if we at first forget their names- and-values, we would only require to look at what is on them, and commit to memory the following money-table:— 10 tennies equal 1 bron. 10 brons “ 1 florin. 10 florins “ 1 pound. This is the decimal system. Now, as some may object to this because it involves the carrying about of too many, pieces for change, I propose to retain the half-sovereign under the name of a 5-florin piece; the shilling, under the name of a 5-bron piece; and have a new piece under the name of a 5-tenny piece. These three half-way pieces lead to all the advantages of a binary system as well; for, taking the seven-coins, each is one-half of that which precedes it. All counting and booking, however, has to be done in terms of the foregoing decimal table, the values of all of which are marked thereon. (This is not done in our present currency.) The use of these half-way pieces is only parallel to our present use of the sixpence, as sixpences are not counted and tabulated as sixpences, but are placed in the pence-column. Therefore these half-way pieces are not included in the new money-table. The diagram on the next page shows these three pieces, two of which we already possess, and which merely require their names being changed. Four Decimal Coins.

Three Half-Way Pieces. The four highest pieces are not altered in value, and only one of them in name. The four lowest would be made of bronze and copper, and, as they are in the most frequent use, the wear-and-tear thereon would not be so costly as it now is on the shillings and sixpences. The name “bron” was selected because of the coin being made of bronze, which would soon become shortened to “bron.” The name of the lowest coin, the “tenny,” was selected because its first three letters form an abbreviation for the words “tenny,” “tennies,” “tence,” and “tenths,” which would be used as occasion requires. Giving Of Change. A person owes 9 tence and tenders 1 florin: all there is to do is to convert the larger sum to the term of the lower, thus:— F. B. T. 1 0 0 0 0 9 9 1 reading 9 brons and 1 tenny, which would soon be identified as 9 point 1. If a person owes 1 bron and tenders 1 pound, then, as there are 100 brons in the pound, it would be done thus:— £ F B. 1 0 0 0 0 1 9 9 reading 9 florins and 9 brons, which would soon be identified as 9 and 9. £ F. B. To 2 7 1 3 add 5 9 2.8 8 6 4.1 £ F. B. From 8 6 4.1 take 2 7 1.3 5 9 2.8 reading 8 pounds 6 and 4 point 1, and 5 pounds 9 and 2 point 8.

Bookkeeping. Only three columns will be required, as at present, for the last column always requires a decimal point on the line dividing the bron or integer from the tenths (4.3)— £ P. B. To 9 5 9 add 7 6 5.9 17 2 4.9 £ F. B. From 17 2 4.9 take 7 6 5.9 9 5 9.0 reading 17 pounds 2 and 4 point 9, and 9 pounds 5 and 9. This last can be read as 959 brons, or 95 florins and 9 brons, or as 9 pounds 5 and 9, which should satisfy the most exacting in giving change, for the figures all adjust themselves without calculation. reading 1116 pounds 2 and 1. How many times is 8F. 7B. contained in £1116 2F. 1B.? The character £ requires always placing over the integer of pounds. The word “pound” would be used after the pounds; the word “and” after the florins; and the word “point” before the tence. There is nothing to militate against the decimal system if the tenny coins were grouped together thus: the .2 taking the place of the halfpenny (nearly); the .4 taking the place of the penny (nearly); the .5 already mentioned as a half-way coin; and .8. This would provide still more efficiently, if possible, for giving change. Thus could the changes be rung on all the tennies, and provide for use a single coin, if desired, for paying for, say, postage-stamps, tram-fares, &c. Similarly, there is nothing to prevent the space between the born and the florin having a 2-bron place inserted—for instance, one equalling 5 pence of our coinage. This would equal the 10-cent piece of the United States, and a 4-bron piece would very nearly equal the franc of France and her allies in currency. A 2-bron piece would soon be as popular as the sixpence, as being near it in one coin; of course, a 5-tenny piece could be added to make its value sixpence.

So that every coin now in common use is represented in the new system, but would require to be counted and booked in terms of the new coinage. It follows as a useful corollary that when any one of these intermediate groups is in quantity, then every ten of them pass without calculation into the next value of coin—say, .4 taken ten times gives the same figure in brons (4), and if taken 100 times gives the same number in florins; thus the figures merely want passing on to left one or more columns in book-keeping; dividing being done with the same celerity. Advantages. I need not dilate on the immense advantages which this system would confer on, say, banks, firms, companies, shops, factories, &c.; also on the preparation of statistics, tenders, contracts, taxes, wages, price-lists which are continually changing; and on very small levies, such as .111, or as far as we like to go, for this system allows of extension at either end. As money would circulate more freely, it would tend to make business more profitable and many commodities of life cheaper, consequently making us all richer. Schools. To the advantages enumerated there is another of still greater moment: I allude to the burden laid upon the children of our schools, for it is little better than child-slavery to compel them to wade through our unsystematic tables, and perform the feats they do, with the antiquated tools at their disposal. It is time we took off some of their useless burdens. This system would result in their having time at their disposal for more delightful studies in the higher branches of wisdom and knowledge. Tourists. We shall soon have foreigners on our list of tourists, and is it not better to have a scientific currency ready for them, so that they may feel more like ourselves? The system enumerated might also help to pave the way for an international currency, which would be a boon that could not be overestimated. It is clear that if the decimal system were adopted the British currency would be the best in the world, and if any foreign nation were revising or decimalising its currency our method would be bound to be adopted, either wholly or in part. Postage. It is just possible, if the details of the international penny postage are not yet completed, that the proposed decimalisation of our coinage might be taken into consideration, and the value of the stamp altered to either the 4-tenny or the 5-tenny coin, in which case all calculations therewith would be workable on the decimal system. Foreign nations do not appear to have as low a coinage as we have, generally stopping, as far as I can ascertain, at or near 2½d. The question is, will they have this coin halved, thus making a coin close to the 5-tenny herein proposed, or will they not more likely divide it into tenths and make a coin equal to four of them? In any case, the 5-bron piece, equalling 1 shilling, can still purchase twelve stamps, and a lesser number be paid for by the 5-tenny piece for

each stamp, the small difference going to the revenue; thus the truly great scheme of international postage will not be interfered with. It is very desirable to have the value in one coin, and that a decimal. Very few foreign nations appear to possess even an approximation to either a pure decimal or a binary currency. This suggests the fact that they, like ourselves, are in a transition state, and that further changes will be made as occasion requires. International. It is interesting to note the number of nations which possess coins of the same value, or very nearly the same, as those made use of in this proposed system. Out of fifteen countries, twelve have a coin close to the 2-4d., or the bron; seven to the 2s., or florin; five near the double florin; seven near the pound; and the Japanese have a coin at £1 Os. 6d., one at 2s. 2 ½d. and another at 2 ½d. If ever an international coinage conference were convened England could not keep out of it. Is it not better to put our own currency in order before that takes place? There would then be little danger of our currency being interfered with. Moreover, if we wilfully handicap ourselves by the use of antiquated tables, surely we ought not to be jealous of other nations if they outstrip us in commercial success. Withdrawal Of Obsolete Coins. These could be allowed to circulate as tokens for a certain fixed time —say, three years—during which time the banks would have absorbed the bulk of them when empowered to change them into their equivalent new coins. After this any coins left might still be allowed to circulate, but at a depreciated value, for a further time—say, three years more— the Id. being reduced to the value of .4, the ½d. to .2, and the ½d. to .1. After this any coins left might be kept as curiosities. It is only the three copper coins that are affected by the change of currency, and the depreciation in their values would hasten their withdrawal before the end of the three years. The depreciation is so slight that the question suggests itself, Is there no means whereby they could be retained in the currency till worn out? They are reduced in value by this proposed method 1/24. Now, if the banks were empowered to stamp on both sides their new values (.4), and for every ninety-six pennies thus stamped add four more new (the Government providing these and the labour), we should then have 100 of the .4 pieces; and the same with all the coppers as they accumulated in any quantity in the banks. These old copper coins are not really quite worth their weight in copper, and might be considered as tokens, so that the change suggested would bring them nearer to their intrinsic value; and it would be only right for the Government to provide the four new pieces to make the ninety-six pennies into 100 of the 4-tenny pieces. The threepenny bits could be called in, and with them any worn sixpences, to purchase their equivalents in brons, and issued contemporaneously with the new coppers. Thus would a cheap, gradual, and effective change be provided, without inconveniencing the general public. It would not take long to get thoroughly initiated in the new method of counting; by which time we could begin to apply a decimal system to our weights and to —our measures.

My object is to show that there are no insuperable or even formidable difficulties to contend with. Australia would doubtless join us, and thus give the question an Australasian weight. I know this is an Imperial question, and that it would be almost as easy for the Home Government to make a new coin as to reproduce an old one, which they are continually compelled to do; but if the change is not carried out at Home, that fact should surely not prevent us from adopting it here if found desirable.