G.F. 323
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CONFIDENTIAL **
• 28
70.
If our proposal to introduce a new $1 coin in 1976 is accepted,
the old dollar coins returned after Chinese New Year 1976 will not be put
back into circulation but sold for their metal content. By that time the
effect of the introduction of the 20 cent coin on the demand for 10 cent
coins will be apparent and arrangements will also be made to scrap old
10 cent coins that are returned to the banks. The scrap value of the
coins withdrawn will be considerable and we suggest that tenders for
their purchase be invited from organisations which can be policed to
ensure that the coins are melted down. Even with the additional storage
space available, the withdrawal of the old coins and issue of the new
will have to be finely controlled because to ensure that the new 20 cent
and $2 coins are available in August deliveries will have to commence
in June, 1975.
71.
The implementation of the other changes we have recommended would follow a similar pattern in their respective years. However, there
will be some differences. The introduction of the new 50 cent and $1
coins will require the total withdrawal of the old coins of these denominations, while the withdrawal of the $5 note will be the responsibility
of the note-issuing banks. Demonetisation dates will have to be determined
in due course for the coins and note which have been replaced.
Coin-operated machines.
72.
Several organisations have indicated that an early decision on any changes to the coinage would be of assistance to them in considering their mechanisation plans. Others have stated that once a decision has been made as much advance notice as possible should be given so that any preparatory work may be planned and possibly undertaken
before the implementation date.
73.
We agree that an early decision is desirable, not only for the reason stated in paragraph 72 but because of the storage facilities which will be available in early 1975. We also agree that those organisations directly affected by the recommendations we have made should be given as much advance warning as possible of the implementation date of any change. In this respect the Principal Government Electrical and Mechanical Engineer has asked that he be informed immediately any decision has been reached on a change in the present coinage and that blank coins be made available to
him for testing purposes.
CONFIDENTIAL
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