Abstract
A common problem about currency denomination is the change-making problem. In this paper, a generalized denomination-related problem inspired by the optimal denomination problem is discussed, namely the bilateral optimal denomination problem. The solution maximizes a certain monetary value and thus can be applied in pricing strategies. Two key issues need to be addressed. One is how to properly formulate the problem in mathematical language. The other is how to compute the corresponding result with an algorithm. The paper learns from existing denomination algorithms and provides a solution to the problem from construction to implementation. Some limitations are needed to improve the practicality of the solution. An example of threshold discounts is used to illustrate the real-life application of the proposed problem.
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