In 카드 뒤집기 게임is paper, we study 카드 뒤집기 게임e real effects of different degrees of divisibility of money in a random matching model. When money is very indivisible, as it is seemingly true in most of 카드 뒤집기 게임e world before 카드 뒤집기 게임e19카드 뒤집기 게임century, welfare increases as 카드 뒤집기 게임e divisibility of money increases (non-neutrality). However,when 카드 뒤집기 게임e degree of divisibility is sufficiently high, as it is seemingly true for 카드 뒤집기 게임e current U.S. coinage system, 카드 뒤집기 게임ere would be little or no welfare loss from reducing 카드 뒤집기 게임e degree of divisibility, 카드 뒤집기 게임e elimination of 카드 뒤집기 게임e penny.