OLD COINS TO GO

Press, Volume CVIII, Issue 31654, 15 April 1968, Page 11

OLD COINS TO GO

ry.Z. Press Association) WELLINGTON, April 13. The Minister of Finance (Mr Muldoon) said last week he would shortly seek Cabinet approval for the withdrawal of pennies, half-pennies and threepences as legal tender. “The coins will then cease to be part of the coinage of the country,” he said. Mr Muldoon emphasised that the banks would continue to exchange the old coinage for decimal currency at the official conversion rate of five cents for sixpence-worth. Pennies, half-pennies and threepences remained in use as legal tender after conversion to decimal currency in July last year.

Mr Muldoon said there was no demand now for pennies, half-pennies and threepences, although there was a small inquiry from tourists and numismatists. Cabinet approval of the withdrawal would permit quantities still held by the banks to be released for melting down. More than 700 tons of pennies and half-pennies had already been melted down In Auckland and more than slm worth of threepences were being sorted for silver content and exported for melting

down—thus earning overseas funds. Mr Muldoon said about $70,000 worth of pennies, $13,000 worth of half-pennies and $200,000 worth Of threepences were still held by the banks. About s2m worth of threepences, $600,000 worth of pennies and $165,000 worth of half-pennies were “missing —presumed lost.” Mr Muldoon said the change from pounds, shillings and pence to dollars and cents was, for all practical purposes, completed within 10 months of conversion day