AUSTRALIAN COINAGE.

Wanganui Herald, Volume XXXXVI, Issue 13341, 1 April 1911, Page 5

AUSTRALIAN COINAGE.

Figures furnished by the Federal Treasury Department last week give some indication of the vast amount of silver coin that is in circulation among the four and a half million people of Australia. Last year an arrangement was made with the Imperial Mint by which Australia was to have the profit on its own silver coinage. An order was then placed with the Horae Government for .£600,000 worth of the new silver issue. Of this, coins to the value of £392,000 have already been received and placed in circulation within the Commonwealth. A total of £208,000 worth is yet to come. The manner in which the silver has been absorbed has struck the Treasury officials as somewhat remarkable. Though the additional coins in circulation number several millions, the currency does not seem to have'been disturbed in any way. No one has found florins, sixpences and “shillings any. more plentiful, and no one has discovered that the medium of exchange is any to acquire. Even the nimble sixpence—so the man in the street avows—is just as elusive now, and just as difficult to secure as it was .before the silver stream began to flow. One result of the ready absorption of the new issue is that the Commonwealth Governme'nt has not been able to withdraw the £IOO,OOO worth of old silver, which it agreed to withdraw each year and return to the British authorities. Only about onc-fourth of that, sum has so far been set aside. The satisfactory aspect of the matter, from, the official standpoint, is. that, through being able to retain the profit of its silver mintage, Australia is making another £200,000 a- year.