THREEPENNY BIT MYSTERY

Otago Daily Times, Issue 23705, 12 January 1939, Page 10

THREEPENNY BIT MYSTERY

WHERE DO THEY GO? ENGLISH MINT'S THEORY (From Our Own Correspondent) (By Air Mail) LONDON, Dec. 21. A new explanation for the "disappearance" of the 12-sided threepenny bit, which has engaged the attention of the Royal Mint ever since the coin was first issued in April, 1937, is given by the Deputy Master and Comptroller, Mr J. H. McC. Craig. He says that "the major reason for their invisibility is to be sought in the enormous quantity of metallic currency required under modern conditions." The total issue to the end of August amounted to 55,550,400 pieces. Referring to the strange historyof the coin, Mr Craig, in his report for 1937, states:— " Excited inquiriers asked whether it was true that the issue was to be withdrawn and reminted because, as they had heard, a full stop had been used in the inscription instead of a colon. "It was asserted that the issue had been made without legal authority and could therefore be refused as tender for a bus fare or what not. " Baseless suggestions were denied, but rumour dies hard, and it may very well be that nervously inclined members of the public hesitated to take the piece in exchange. "On the other hand the reportwidely spread—that the coins were to be withdrawn, led the enterprising to gamble on a 'survival' value, and it is said that quite considerable accumulations of the coin were made by individuals and that fancy prices were sometimes obtained for specimens. "Probably the influence of the legends to which I have referred above may have tended to drive the coins literally into 'pockets' and to discourage their active circulation, while novelty and apparent scarcity induced large numbers of individuals to put aside such pieces when received." Mr Craig, after citing the major reason for the coins' " invisibility." goes on to state that the production of all coins in 1937 reached the unprecedented figure of 417,000,000 — more than double the average annual out-turn in the previous decade. This is the first report issued by Mr Craig, who was appointed Deputy Master and Comptroller in March.