NEW COINAGE

Manawatu Standard, Volume LIII, Issue 304, 21 November 1933, Page 4

NEW COINAGE

ISSUE FOR DOMINION. METHOD OF CIRCULATION. WELLINGTON, Nov. 21. One of the principal difficulties confronting the New Zealand Treasury in the replacing of the present silver coinage with the Dominion’s own issue lias been to estimate the proportions of threepences, sixpences, shillings, florins and half-crowns in the total ooinage in circulation. With the assistance of the banks the following estimate was framed That of each £IOO worth of silver in circulation half-crowns represented £35, florins represented £3O, shillings represented £ls, sixpences represented £lO, and threepences represented £lO. On this basis the New Zealand Government placed its order with the Royal Mint in London. The total value of the silver in the hands of the New Zealand public has been estimated variously at between £1,500,000 and £2,000,000. It is impossible Eo determine this total accurately, and since the Government does not wish to import a greater amount of coinage than is required for normal usage, it has been necessary to devise a method of introducing the new coins gradually, but in correct proportions until the demand is met. ’ The first order placed with the Royal Mint for £250,000 worth of half-crowns is to be the basis of all other orders, to maintain the proportions given above. The order for florins will l>e 30-35ths of £250,000, the value of the order for shillings 1535ths of £2i?J,OOO, the value of the order for sixpences 10-35ths, and the order for threepences 10-35ths. At the end of the first cycle new silver coinage to the- value of over £700,000 will lnave entered the Dominion. The same cycle will then be repeated, and if necessary repeated again until the banks are satisfied that tho people hold only new coins, and until tlreir own reserve stocks are restored to a normal level. At present these stocks are seriously depleted, on account of the illegal export of silver. '

Assuming that it is necessary to import coins to a face value of £2,000,000 to meet all needs, the total value of each denomination and the number of coins of each denomination will be as -follows: , Denomi-

All silver coins £2,000,000 41,600.000 It is expected that the whole process will he completed by the end of March, 1934. ..

nation. Value. Number. Half-crowns ... £700.000- . 6.600,000 Florins 600,000 6,000,000 Shillings 300,000 6,000,000 Sixpences 200,000 8,000,000 Threepences .... • 200,000 16,000.000