NEW SILVER COINS

New Zealand Herald, Volume LXX, Issue 21639, 3 November 1933, Page 10

NEW SILVER COINS

FIRST SHIPMENT MADE REPLACING CURRENT ISSUE [n\ r TELEGRAPH —SPECIAL REPORTER] WELLINGTON, Thursday The first shipment of the newly-de-signed New Zealand silver coins is now 011 its way from the British Mint and the people of New Zealand are likely to be familiar with some at least of the new issue before Christmas. All denominations of silver coins are to be replaced by new designs, but the first to bo shipped and put into circulation are half-crowns. The chief purpose of the new issue is to end the drain on silver coins and particularly half-crowns that has been caused by the rate of exchange. It is an essential part of the scheme, therefore, that tho new coins shall not be legal tender anywhere outside New Zealand. In New Zealand they will be the only silver legal tender. A traveller from this country taking them abroad ■\\ ith him would have to have them exchanged even in British countries, just as he would have to do in foreign countries. Tho calling-in of all current silver coins will be done gradually through tho banks, who will not reissue them onco they have been deposited. It is estimated that between £1,500,000 and £2,000,000 worth of new coinage will bo required to replace the coins now in circulation in the country.