Re: Money data type in PostgreSQL?

Martha Stewart called it a Good Thing when clapidus(at)hotmail(dot)com ("Claudio Lapidus") wrote:
> With regard to precision, it is common in certain applications the need to
> handle very small amounts, especially when used as factors of a larger
> calculation. I've even seen once some rates defined in hundredths of cents!

Well, you don't need terribly much precision in the currency exchange
rate if the amount being converted is small. You only need a couple
significant digits to convert $0.24 USD to the appropriate amount in
$CDN.

But to get the pennies right on a $10,000 USD transaction converted
into GBP (UK Pounds), you need all the official precision that there
is. And if your calculation is off by 4 cents, some of those
accounting folk are liable to thrash you mercilessly over it. If you
get calculations WRONG, they get really uncomfortable, and want to
know why.
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