While it's been a few years, I believe it means the data would be in a field of 6 characters with an implied decimal between the 4th and 5th characters (counting from the left).

001299
or
__1299 (where _ is a blank)

Normally the first is used, but I've seen implementations where the second is acceptable.


>A COBOL layout of PIC 9(04)V9(02) means what?
>How do I transform 12.99?