SILVER COINS

Dominion, Volume 28, Issue 33, 2 November 1934, Page 2

SILVER COINS

British Not‘to be Legal Tender HOARDING UNPROFITABLE The current Gazette contains a proclamation declaring tluit. from and after February, 1 next year British silver coins of the follow.ihg denominations—namely, crown, half-crown, llorin. shilling. sixpence, and threepence—shall not be legal tender in New Zealand, ' Commenting on the decision the Minister of Finance, Kt. Hon. J. G. Coates, said (o a reporter yesterday that since the issue of silver coin with New Zealand designs the withdrawal by, the banks of the British and Australian coins in circulation bad been proceeding steadily and methodically. “Here jt may be mentioned.” added the Minister, “that Australian silver coin has never been legal render in New Zealand. but large amounts of it have crept into circulation and have been £enei;al)y accepted. The,effect ,o£ the

proclamation is that after February 1 British silver coin wilt no longer be. legal tender, but it is hoped'that by that time there will be very little of it in 'circulation.' ; “I would ;isk shopkeepers . and the public generally to assist the change Over to’btn* own silver'coin by prompt).* lodging all British and‘Australian sip ver coin that comes into their possession at a branch’bt any bank, or excharge the .same for New Zealand coni' at any branch of any bank.” , ' ' ' Mr. Coates emphasised that the pro~ hibitibn of the export of silver coin would by rigorously maintained permanently, so no one could hope to profit by hoarding-British .silver coin. :