Two Questions in Probabilities

There is perhaps no class of puzzle over which people so frequently blunder as that which involves what is called the theory of probabilities. I will give two simple examples of the sort of puzzle I mean. They are really quite easy, and yet many persons are tripped up by them. A friend recently produced five pennies and said to me: "In throwing these five pennies at the same time, what are the chances that at least four of the coins will turn up either all heads or all tails?" His own solution was quite wrong, but the correct answer ought not to be hard to discover. Another person got a wrong answer to the following little puzzle which I heard him propound: "A man placed three sovereigns and one shilling in a bag. How much should be paid for permission to draw one coin from it?" It is, of course, understood that you are as likely to draw any one of the four coins as another.

H. E. Dudeney, Amusements in Mathematics (1917) · No. 30