IMPERIAL COINS
WITHDRAWAL PREMIUM STOPPED MELBOURNE, This Day. The Commonwealth Treasury made an agreement some years ago, under which the British Government Undertook to withdraw at tho rate of £IOO,OOO per annum the Imperial silver coin circulation in Australia. During the war the withdrawal of the coin ceased, but during the last three or four years efforts have been made to withdraw the sums agreed *upon. The Commonwealth Treasury decided in Junb last to offer a premium of 2d for each pound’s worth of half-crowns, florins and shillings of Imperial coins handed to the Commonwealth Bank, and 4d in the pound in respect of sixpences and threepences. The offer of the premium induced cashiers and others to set aside Imperial coins, with the result that in the last seven months about £500,000 Worth of Imperial coins has been •withdrawn throughout Australia. That sum is much greater than is immediately ■withdrawable under the agreement with the British Government, and the Treasury, therefore, decided not to pay the premium after January 31. The withdrawn Imperial silver coin has been melted down and re-issued in the form of new Australian currency, which gives a profit to th' Treasury of roughly 50 per cent of the face value of all silver coins issued.
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Northern Advocate, 4 February 1926, Page 5
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209IMPERIAL COINS Northern Advocate, 4 February 1926, Page 5
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