Which Data Type is Best for Storing Currency in a PostgreSQL Database?

Currency Data Handling in Databases

The question of which data type to use for storing currency is often encountered in database design. While some sources may suggest that the Money type is discouraged, this assertion is not officially supported by PostgreSQL.

Official Perspective:

According to the PostgreSQL manual, the Money type is still valid and supported. Statements from core developers in the pgsql-general thread indicate that the Money type has limited use cases, with performance being its primary advantage over other data types.

Alternative Data Types:

Numeric:
Numeric data type, also known as Decimal, is commonly used for monetary data. It provides arbitrary precision, ensuring exactness for monetary amounts.

Float:
Float data type is not recommended for storing currency due to potential precision errors.

Practical Recommendations:

Integer (Cents):
For scenarios where fractional cents are not required, storing currency as an integer representing cents can be an efficient alternative.

Money:
In cases where performance is critical, the Money type can be used. However, it should be noted that its use is limited to certain scenarios.

Numeric (Decimal):
For general-purpose monetary storage, Numeric data type is a reliable choice due to its high precision and wide use in monetary applications.

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