Puzzles/Logic puzzles/Gold Coins

Puzzles | Logic puzzles | Gold Coins

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 alive will propose how the coins will be distributed among the pirates, and all pirates remaining will vote for or against it. If more than 50% of the pirates vote for it, then the coins will be distributed as such. 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 extremely intelligent, rational, greedy, and do not wish to die, (and are rather good at math for pirates) what will happen?