NEW COINAGE.

Star (Christchurch), Volume LXIV, Issue 911, 4 November 1933, Page 25 (Supplement)

NEW COINAGE.

Details of Proposals Announced. “ Star ” Parliamentary Reporter. WELLINGTON, November 3. In replacement of the Imperial Coinage Act, legislation empowering New Zealand to issue silver and copper coinage to its own exclusive design was introduced in the House of Representatives this afternoon. The Bill, which is largely a machinery measure, will come into operation at a date to be fixed by proclamation. It will be possible for the Minister of Finance to make arrangements either for the minting of New Zealand coins by the Royal Mint in London or for their minting in the Dominion. At present the minting will continue to be done in London, and in this connection it may be recalled that the first instalment of half-crowns—£loo,ooo worth — is now on its way to Wellington. Power is given for the manufacture of crowns as well as the other better known silver denominations, and for copper coins, and the legislation prescribes the standard weights and fineness of the silver, leaving details of the copper to be fixed by proclamation. Gold coins will continue to be legal tender for the payment of anv amount, silver for payment up to £2 and copper up to payments of one shilling. The date or method of the retirement of British silver and copper coins which new issues will replace is not specified in the Bill, which, however, indicates that the retirement method will be by proclamation. - •^*} swer ' n K 3- Question on the subject the House Mr Coates said that on the second reading of the Bill he would outline the details of the retirement of both the British and Australian silver coins m New Zealand. While prohibiting the issue of other than official coins the Bill protects the use, under Ministerial authority, of such devices as milk tokens, described in the* meafSI 6 tokens purporting to entitle - ~o lc* fr to demand goods or serVxce ?*. Offences under the Act will be punishable by fines up to £SOO, or five I years imprisonment or both i