20
RESTRICTED
Miss Farell
72236
22
BELIZE HOUSE, Draft acknowleged
BELMOPAN.
19 June 1978
11. Sywell 281%
busy to Mr.R.P. Websty (Bork of lengland)
P.a. sent on 3 1f
WE Quantrill Esq.,
Hong Kong & General Department
Zean Quanhiel
ISSUE OF NUMISMATIC COINS IN DEPENDENT TERRITORIES
1. Would you please refer to your letter HKG 102/1 of 22 May.
2.
We have discussed this with the Financial Secretary. His view, and we
agree, is that practice in Belize has been and remains within the law.
policy has been conservative and could not be described as having been
exploitative.
Belizean
3.
Experience over three years of the present five year contract appears to
support the view that the chances of coins being presented for redemption are rem
This view may of course require revision if the numismatic market
remote.
collapsed.
collectors.
4.
In any event Belize has assumed liability, except in 1977 when
sales were much reduced, for one half of the face value of coins sold to
This represents somewhat more than the cost of metal involved.
There is not in the Belizean view any question of automatic convertibility
into foreign currency as legal tender Belize coins are really for use in
Belize for the payment of specified amounts not for sale or purchase in bullion.
Under existing legislation there is no obligation, explicit or implicit, to
redeem notes or coins in exchange for foreign currency.
HKC 102/1 нка
RECEIVED LEROY NO. 51 27 JUN 1978
! J.**
/The
INDEX
No.
PA
My
RTONSTAY
Action Taku