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Related Experiment Videos

Coin value and perceived size: a longitudinal study.

H V Smith, R G Fuller, D W Forrest

    Perceptual and Motor Skills
    |August 1, 1975
    PubMed
    Summary
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    Following Irish currency decimalization, people initially underestimated new coin sizes but later overestimated them. Familiar coins were consistently overestimated, with perceived size linked to value, not physical dimensions.

    Area of Science:

    • Cognitive Psychology
    • Economic Psychology
    • Human Perception

    Background:

    • The 1971 decimalization of the Irish currency provided a unique opportunity to investigate changes in the perception of coin sizes.
    • Understanding how individuals perceive and adjust to changes in currency systems is crucial for economic and psychological research.

    Purpose of the Study:

    • To assess the perceived size of Irish coins after decimalization.
    • To examine how estimations of coin size change over time.
    • To analyze the accentuation of perceived differences between coins based on their value and size.

    Main Methods:

    • 478 subjects were divided into 3 groups and tested at different intervals post-decimalization (immediately, 2 years, 3 years).
    • Participants provided size estimations for four different Irish coins.

    Related Experiment Videos

  • Statistical analysis was used to compare perceived sizes against actual sizes and to identify trends over time.

    • Main Results:

    • A newly introduced coin was initially underestimated but later significantly overestimated.
    • All familiar coins were consistently overestimated in size.
    • The degree of overestimation was correlated with coin value, not physical size.

    Conclusions:

    • Perception of coin size is influenced by monetary value, leading to a subjective accentuation of differences between coins.
    • Familiarity and value play significant roles in how the human brain processes and remembers the physical attributes of currency.
    • The study highlights the dynamic nature of perceptual judgments in response to economic and environmental changes.