The following tables show the coins at present in circulation as compared with those necessary under the proposed new system :— The "penny," under the new system, would be worth about 20% more than the present coin, i.e., 10 pennies of 5 mils each would go to the shilling. It would be possible to retain the present penny and halfpenny and declare them to be worth respectively 41 mils or one-twelfth of a shilling, and 21 mils or one-twenty-fourth of a shilling, which would cause no disturbance whatever in retail transactions, but would be inconvenient in other respects. Under the new system, accounts would be kept in £'s and cents, thus:— The saving of time in calculations under this system, as compared with our present system of £'s, shillings, and pence, is obvious. |