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7.
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Second, a problem in direct relationship to that of the number of coins in circulation is the storage of unissued stocks. The cost of storage space is now a very significant item; and although, at the present time, the Government and The Hongkong and Shanghai Banking Corporation have sufficient space, this would not be the case in a few years time if recent trends continued and the present coinage remained in use.
8.
Third, the cost of minting and of metals used in the manufacture of Hong Kong's coins has increased considerably in recent years, and shipping costs have followed a similar pattern.
9.
Fourth, in Hong Kong there are still comparatively few types of machines or meters which take coins but, judging from what has happened in other parts of the world, vending machines may soon become part of our way of life. Before this happens it is clearly desirable that the range of coins in circulation is as closely geared to present and future needs as possible.
10.
Fifth, apart from cost aspects, there is a widely accepted criticism that the present coins are too large and too heavy. The one dollar coin, in particular, is frequently a subject of such criticism.
11.
To summarise, the decision to undertake the review was taken in the light of the increasing costs of maintaining an adequate supply of coins, and because in some quarters it was considered that the range of coins did not meet present day needs and that the introduction of a 20 or 25 cent coin and perhaps $2 and $5 coins would possibly be of convenience to the public.
The Committee's approach and procedure
12.
We held 12 meetings, the first on 30th November, 1973, and
the last on 19th July, 1974.
13.
We have been anxious to give full weight to the views of organisations most affected by any change in our coinage, particularly those concerned with the day-to-day handling of large numbers of coins. As a first step, therefore, we invited organisations and companies representing these interests to submit any comments or suggestions.
We list in Appendix 1 the organisations which submitted comments.
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