CONFIDENTIAL # 2
機密
3
XCC(74)66
(a) the 20 cent and $2 coins should be introduced as
soon as possible, both for the convenience of the public and to secure the cost advantage from a consequential larger reduction in the circulation of 10 cent and $1 coins; and
(b) the introduction of the revised $1 coin should be
delayed until after the circulation of this
denomination has been reduced by the introduction of the $2 coin.
9
follows:
The committee proposes that the timetable should be as
August 1975
August 1976
August 1977
Introduction of 20 cent and $2 coins
Replacement of existing $1 coin
Replacement of existing 50 cent coin, and of the $5 banknote by a coin,
The month of August has been chosen in each year because the coin circulation is then usually at its lowest. The storage space needed for the changeover is expected to be available during the suggested timetable period, but not necessarily thereafter, It is desirable, therefore, that a decision on the committee's proposals should be taken in good time, so as to allow for the lengthy preparations for a large issue of new coins in August 1975.
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No date has been proposed for one further stage fore- seen by the committee. This is a reduction in the size of the existing 10 cent coin, which would become possible if the 5 cent coin disappeared from use. The matter need not be considered
now.
The cost
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The cost and/or benefit to the Government of the proposed
changes can be considered under four headings:
(a) the once-for-all costs of the changeover;
(b) the cost of maintaining the coinage;
CONFIDENTIAL #2