A couple of points. PostgreSQL 8.0 beta 1 will accept an argument for precision of a float, but appears to simply ignore it. I'm certain most other dbms engines either error out on it or ignore it as well.
Second point, if you're storing money in a float you're making a mistake. Currency should always but always be stored in an exact type (int, numeric, decimal) and if those exact types aren't guaranteed to really be exact then the database is broken and should not be used (i.e. mysql's strange numeric behavious, and tendency to silently overflow them without an error makes it ineligable for use as an accounting system database.) It's the sole reason MySQL doesn't get to really claim the to be fully ACID, because you can feed it the number 123498732409872340987 into an int4 and it just chops it off to 232 - 1 or so.
So I'm gonna guess drawmack meant numeric when he said he couldn't remember the type with adjustable precision for things like money.
By the way, automatically chopping the varchar going into a varchar(5) is also another reason MySQL can't claim to be ACID compliant, as the proper behaviour is to throw an error that the string was too long and let the user decide if chopping it off is what they want to do or not. Silently truncating data is not a good thing for a database to do automatically.
Note that if it's the behaviour you want, then most dbms engines support triggers, which can be used to do just that. But the base behaviour must be to throw an error to be correct.