DOMINION COINS

Manawatu Standard, Volume LIII, Issue 256, 26 September 1933, Page 2

DOMINION COINS

MINTING IN PROGRESS. DISTINCTIVE NEW DESIGNS,

Per Press Association

WELLINGTON, Sept. 25

According to the latest information arrangements for minting the Dominion’s new coinage are proceeding satisfactorily, and arrival of the firstshipment is not far distant. There will be no change in actual denominations, but designs in each case, will, of course, be different, and a distinctive value of the coinage will be restriction of its use in the Dominion. Some designs have already been approved and final decisions respecting the balance will be made shortly. The arrangement the Government made with the Master of the lloyal Mint provides that there will be no manufacturing charges and allows the Dominion all of the profits arising out of recoinage. The only recoinage costs will be freight estimated at £30,000, artists’ fees (£600), and minor incidental expenses. The coinage is for internal circulation only and possesses no value outside New Zealand. It replaces the present British silver coins. Its circulation is directed mainly at preventing the outward flow of silver—the trafficking which has taken place between the exchange margins. Pending the minting of the new issue, it was necessary during July to import £50,000 worth of Australian florins and shillings since the operations of the silver exchange traffickers had produced a shortage which was reaching the stage of acuteness. One shipment of £25,000 worth went to Wellington and the other to Auckland.

By the passage of legislation and the vigilance of Customs and police officials, the illegal exportation of silver from New Zealand, it is said, has been effectively checked. Co-operation from Australia, although somewhat belated, has also assisted. The Commonwealth authorities by Order-in-Council have placed an embargo on the entry of New Zealand silver into Australia.