Math Is Fun Forum

The puzzle:
"5 pirates of different ages have a treasure of 100 gold coins.
On their ship, they decide to split the coins using this scheme:
The oldest pirate proposes how to share the coins, and all pirates remaining will vote for or against it.
If 50% or more of the pirates vote for it, then the coins will be shared that way. Otherwise, the pirate proposing the scheme will be thrown overboard, and the process is repeated with the pirates that remain.
Assuming that all 5 pirates are intelligent, rational, greedy, and do not wish to die, (and are rather good at math for pirates) what will happen?"

from http://www.mathsisfun.com/puzzles/logic-puzzles-index.html

has got me confused.

The solution given didn't maske sense, due to "50% or more of the pirates vote for it", not "at least 50% vote for it".

So I think it would go to the second eldest, who would give all the coins to any of the other 3, to save his life.  That should secure 50% of the vote.

Or am I way off?

Wayne