Numeric, Money, or Float: What's the Best PostgreSQL Datatype for Currency?

Numeric, Money, or Float: Choosing the Right Datatype for Currency

The question of which datatype is most suitable for storing currency in PostgreSQL has persisted for some time. Despite concerns about the Money type being discouraged, it is essential to clarify the current state of affairs.

Official sources, such as the PostgreSQL manual, do not suggest that the Money type is discouraged. In fact, core PostgreSQL developers have recently reaffirmed its viability in certain situations, particularly where performance is critical.

The PostgreSQL Wiki provides a comprehensive analysis, recommending that the Money type be used sparingly, and only in narrowly defined scenarios. However, for general-purpose currency storage, the Numeric type is widely preferred.

Numeric is also known as Decimal in PostgreSQL and is an arbitrary precision type, making it ideal for monetary data where exactness is paramount. As the PostgreSQL manual states, "The type numeric can store numbers with a very large number of digits. It is especially recommended for storing monetary amounts and other quantities where exactness is required."

For applications where fractional cents are not necessary, storing currency as an integer representing cents can be a more efficient alternative. This method eliminates the need for floating-point or decimal calculations, resulting in improved performance.

In summary, for most currency-handling applications, the Numeric datatype is a reliable and versatile option. For specific cases where performance is a priority, the Money type can be considered. While the Float datatype may be tempting, it is generally not recommended due to its potential for rounding errors and loss of precision.

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