SILVER COIN.

Hawera Star, Volume XLVIII, 3 July 1924, Page 9

SILVER COIN.

SOYIE TO BE CALLED IN. ACTION BY BANKS. (BY TEIiKGRaT'H —PRKRS ASSOCIATION. 1 WELLINGTON, July 2. The Royal Mint is calling in all oldworn and mutilated silver coin in the hands of the banks in the Dominion. The chairman of the Associated Banks of New Zealand (Mr P. H. Cox) states the coin affected is that issued prior to 1920, the wight of which-had become less by at least 3 per cent, of the standard weight. Ordinarv and mutilated silver coins of the old fineness will also be taken, hut not in large quantities. The Royal Mint will allow the full nominal value in new silver for the old coins. The ordinary silver coin in circulation is roughly 3 per cent, to 4 per cent, below the standard weight. The Royal Mint is prepared to take £96,000 of worn silver from New Zealand itself, and £4OOO from Whstern Samoa, but it is believed three will not he much more than £20,000 to go from both countries. The almost total disappearance of the sovereign and half sovereign from cireulatiorifi and the comparative cumbersomeness of silver money has made the ten shilling note very popular, so that silver is not now used nearly so much as it used to he in. New and the pound note has quite taken the place of the golden sovereign. Australian minted silver will not come into the collection of worn and mutilated coins called for by the Royal Mint. Silver containing alloy and having a yellow tinge, and known to some people as “w'ar silver,” apparently will not ho taken. In any case it will not lie sufficiently .worn.