COIN SHORTAGE

Greymouth Evening Star, 17 October 1946, Page 6

COIN SHORTAGE

EFFECT OF CHRISTMAS “HOARDING” SILVER AND_COPPER SCARCE A shortage of silver and copper is making Greymouth banks and business firms increasingly aware each day of the advent of the Christmas season. Every year, at about this time, many citizens commence private savings campaigns, the usual practice being to save all coins of a certain denomination and put them away in a tin or jar to assist towards the expenses of seasonal, celebrations. If the present shortage' of silver and copper at local banks is any indication, some useful sums will have accumulated .in many households by Christmas. Half-crowns, florins, pennies and half-pennies particularly are in short supply at present and banks are finding it difficult to keep up with the demand for change, particularly when the pay for Government departments and large firms has to be issued. Commenting on the matter this morning a bank manager told an Evening Star representative that, apart from the inconvenience caused, considerable expense was involved in procuring additional supplies of coins from the main centres. When stocks ran low in Greymouth, he said, they had to’ be augmented from elsewhere and a heavy freight charge had to be met for transport. He said that, while no one could quarrel with plans to save extra money for special purposes, much inconvenience would be saved if “hoarders” would change their coins for notes at frequent intervals. This would put the coins back into circulation and would also speed up the changing process, which was necessarily protracted when large sums were, presented. “A jar full of threepences takes quite a time to count,” he said.

He added that, not only the banks, but firms and the buying public would be helped if coins were not kept out of circulation for long periods.