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Coin values can be modeled by a set of n distinct positive integer values (whole numbers), arranged in increasing order as w 1 through w n.The problem is: given an amount W, also a positive integer, to find a set of non-negative (positive or zero) integers {x 1, x 2, ..., x n}, with each x j representing how often the coin with value w j is used, which minimize the total number of coins f(W)
Frobenius coin problem with 2-pence and 5-pence coins visualised as graphs: Sloping lines denote graphs of 2x+5y=n where n is the total in pence, and x and y are the non-negative number of 2p and 5p coins, respectively. A point on a line gives a combination of 2p and 5p for its given total (green).
In statistics, the question of checking whether a coin is fair is one whose importance lies, firstly, in providing a simple problem on which to illustrate basic ideas of statistical inference and, secondly, in providing a simple problem that can be used to compare various competing methods of statistical inference, including decision theory.
Learning about coin values will help you avoid bidding too high at auctions. Read Next: 20 Rare State Quarters Worth Additional Value. Selling Your Coin Collection at Auction.
The face value of coins, stamps, or bill is usually its legal value. However, their market value need not bear any relationship to the face value. For example, some rare coins or stamps may be traded at prices considerably above their face value. Coins may also have a salvage value due to more or less valuable metals that they contain.
In some cases, you can find coins for cheap because antique shopkeepers are not necessarily experts in the value of rare coins. Explore More: 6 Coins From the 1970s That Are Worth a Lot of Money.