Exchange Rate by Colloquialism
I am rather amused at a sidenote in my supervisor’s book, where he uses the British phrase “… such systems are two a penny” and gives this explanation in the sidebar:
Translation for American readers: ‘such systems are a dime a dozen’; incidentally, this equivalence (10c = 6p) shows that the correct exchange rate is £1.00 = $1.67.
While the dollar is crashing these days, looking at the two year history, 1.67 isn’t a bad estimate.
December 6th, 2004 at 7:36 pm
In early drafts of the book it also said that this was the exchange rate under the Bretton Woods system.