Royal Mint wary of changing the coinage

Press, 2 December 1987, Page 35

Royal Mint wary of changing the coinage

By

HELENA WISNIEWSKI

NZPA staff correspondent London With the outcry over the introduction of a £1 coin three years ago still fresh in public memory, Britain’s Royal Mint no longer under-estimates the impact of any changes it makes to the nation’s coinage.

Officials at the Mint are sifting through 3000 letters received from the public over suggestions made in July that the lOp and 5p coins be lightened — part of a new approach

to find out what people want before changes are made.

“It is amazing how many people get so concerned about it,” a Royal Mint spokesman, Derek Slark, told NZPA. "To me it is just money.” When Britain’s green £1 note was replaced by a sparkling gold coin in April, 1984, one newspaper described the furor that followed as an "unprecedented act of consumer rebellion” and “a silent but staggeringly successful protest.” Banks began stockpiling the new coins because people refused to accept them, shopkeepers complained of confusion and there were reports of football hooligans using the small, but heavy, coins as missiles at big league matches.

The coins were accused of being “toytown currency” and like “chocolate money.” In November, 1984, one member of Parliament was greeted with cheers from both sides of the House of Commons when he told the Prime Minister, Mrs Thatcher: “If you save us from the imposition of the most unpopular coin in our history you will have the support of the entire country.” Despite the protest, the £1 coin has remained intact and the Government estimates it has since saved almost £3 million each year.

Although it costs no more to mint a coin than to print a banknote, the life of a coin is estimated at 40 to 50 years as opposed to the nine months of a note.

Britain boasts a strange mix of coins and notes:

20p pieces are half the size and weight of lOp coins and 2p coins are twice the size of 5p coins.

The confused relationship between the size and the value of the coins led the Royal Mint to invite the public, banks, the vending industry and the blind in July to comment on whether it ought to replace the existing 5p and lOp (same size and weight as New Zealand 10c and 20c coins). Market research of 4200 adults has shown that 44 per cent want smaller and lighter 5p and lOp coins. Tests with the elderly and blind has shown a change of size would be welcome. But Mr Slark said there were no plans for Britain to echo New Zealand moves and get rid of its smaller coins altogether. “A lot of people have indicated they would like to see the 2p coin go,” he said, “ but I don’t think the bronzes will be touched for some time. “Even if we do change the 5p and lOp coins we are probably talking about two years time for the 5p and 1992 for the lOp.” In the letters the mint has received since July many people have asked for the introduction of a £2 coin. But the eventual appearance of a £5 coin was more likely, Mr Slark said.

“I would think that we will see a £5 coin in about five or six years time.” Other suggestions from the public have included the use of “plastic” notes, specially reinforced to last longer. “And there are still a hell of a lot of people who are complaining about the £1 coin,” Mr Stark said.