SILVER COINAGE

Dominion, Volume 27, Issue 58, 1 December 1933, Page 10

SILVER COINAGE

Act Operative To-day LEGAL TENDER Withdrawal of British Coins A proclamation published in the Gazette last evening brings the Coinage Act into operation as from today. In an accompanying statement the Minister of Finance, Rt. Hon. J. G. Coates, pointed out that in terms of Section I of the Act the statute was to be brought into force in this way. Mr. Coates said no particular significance attached to the date fixed, as the new silver coins now being issued were legal tender in terms of Sub-sec-tion 2 of Section 8 of the Finance Act, 1932'33 (No. 2), which empowered the Minister to make for the supply of new coin. With the coming into operation of the Coinage Act this temporary provision in the Finance Act was repealed and the coinage was governed by the provisions of. the Coinage Act. •' “In terms of the Act,” Mr. Coates said, “the New Zealand coins are, of course, made legal tender for payment of "any amount not exceeding 40/-. It should be understood, however, that in the meantime the British coins also remain legal tender to a similar extent. Later on, after the changeover has been completed and the Government is satisfied that the whole of the Imperial coin has been withdrawn, action will be taken under the power contained in Section 5 of the Act to declare that the British coins shall no longer be legal tender in New Zealand. “Australian silver coin is not legal •tender and there ha’s never been any legal authority' for its circulation in New Zealand.”