THE NEW COINAGE

Poverty Bay Herald, Volume LX, Issue 18234, 1 November 1933, Page 7

THE NEW COINAGE

SUPPLY OP HALF-CROWNS READY BY CHRISTMAS DISTINCTIVE DESIGNS (Parliamentary iR r porter.) WELLINGTON, this day. Composed, exclusively of half-frowns of an estimated value of £IOO,OOO, the first shipment of New Zealand’s own silver coinage is now on the water, and will be taken delivery of by the Dominion authorities before me end of the present month. Immediate steps will bes taken to put the coins into local circulation, so that the original aim of allowing New Zealanders to do part of their Christmas shopping with silver minted to the’n own distinctive design will be realised. , ~ Under the arrangement between the Government and the Royal Mint, Non Zealand’s token money is being minted in all denominations in a design that restricts .its use to the Dominion, and invests it with no value for exteunal circulation. The reason for the change of policy was to* exchange trafficking, which yr®- possible when New Zealand’s <ffiler coinage was composed of British half-crowns, florins, shil lings, sixpence and threepenny pieces. Designs for all the denominations, which themselves remain unchanged, have now been approved, and the initial shipment, as indicated, will consist of half-crowns. The production of other sizes has commenced, and shipments will be sent forward in accordance with the capacity of tho Royal Mint to cope with the requirements. - . COINAGE BILL PENDING Authority is given for the mintage of thft full complement, which is csti- » mated unofficially at between £1,500,000 and £2,000,000. There are to be no manufacturing charges, and the Dominion is to receive all the profits arising out of the recoinage. Freight, Calculated at £30,000, artists’ fees, ■OO, and minor incidentals will be only recoinage costs. ■a full-frocked Coinage Bill will be to Parliament within the gßa fortnight in confirmation of the IlMtion taken by the Government in of the authority conferred on the legislation of last session. _ It the practice for each country which a domestic silver or token cuvto have on its Statute Book a Jfßiflage Act. This measure, which is jiMrgely machinery, specifies the size, ■Bight, design, and other particulars Wm the actual’ coinage. Mainly for reason that the bill has yet to the Government is withholdIgHg.in the meantime these essential Hails. jgjTtm recent appearance in circuiaHB>n of so manv new half-crowns is Ifßgely explained by the success of HBc official action taken to prevent SBc illegaV export of British silver IHins. The final sprag in the traffickwheel was Australia’s imposition an embargo on imports exceeding BH an d as a Treasury official smilingIB remarked last night: “Ii has been lately for the half-crowns to out of hiding.