FEW AUSTRALIAN COINS CIRCULATING IN GREYMOUTH NOW

Greymouth Evening Star, 12 October 1948, Page 4

FEW AUSTRALIAN COINS CIRCULATING IN GREYMOUTH NOW

In the seven weeks since the return of New Zealand currency to parity with sterling, the small percentage of depreciated Australian currency in circulation in Greymouth his diminished to insignificant proportions, according to Greymouth bank officers. Only a trickle of Commonwealth money is now being received.

Greymouth banks, along with those in other centres, have completed the task of sorting out their own silver currency holdings and withdrawing Australian coins from circulation, and all Australian coins are being held at the disposal of the Reserve Bank. When the exchange rate was altered in August it was. estimated that something less than one per cent, of the silver coins in circulation were Australian—banks as a rule found the average to be one Australian coin to £5 worth of silver. Today, buses, post offices and stores are handling an almost negligible number, it is reported, and the early alertness of the retailer to check the origin of coins tendered for purchases and the wariness of customers in receiving any quantity of change in silver, have faded. Some Australian coins, of course, still remain in circulation and like the bad penny keep turning up in, various trading establishments. The majority of business firms, however, are now prepared to take the loss on the coins by forwarding them to banks rather than tjo “pass the buck” to unsuspecting customers. The arrival of the Australian timber ship, Matthew Flinders, at Greymouth, has had no- noticeable affect on the amount of- Commonwealth currency in circulation in- the town. Though members of the crew may have Australian money in their possession, they would have nothing to gain by using it in New Zealand at a, depreciated value when they may “draw” on their-wages in New Zealand currency. The loss on this transaction is borne by the shipping company. ■ • ; : . . ‘ '• .