7.
reputations of the dependencies, the UK or the Crown. Where papers have
been referred to London there is nothing to suggest that delays caused by
close examination of proposals have damaged a particular programme.
The following are some of the possible courses of action
which could be studied and applied on a selective basis to meet the needs
of individual territories:-
(a) Issue no more numismatic coins
This is an extreme course if taken absolutely and not merely as
a temporary measure pending decisions about a modified policy
or pending the expiry of existing exclusive contracts.
However, there are one or two cases in which the risk already
taken by the issuing authority is unacceptable, and it could be
argued that that risk should not be increased.
(b) Issue fewer coins and/or at less frequent intervals
to
A less extreme and more desirable recommendation in order to
reduce certain unacceptable features of previous issues;
avoid increasing the redemption risk; and to enhance the
scarcity and thus the value of a territory's coins.
(c) Return to "traditional" issuing practices
This would mean confining coin issues primarily to mark
occasions which are genuinely "special".
(d) Provide for 100% cover for all numismatic coins issued
A complete safeguard against loss resulting from massive
redemptions can be provided only by the maintenance of a fund
providing 100% backing. This course would inspire the greatest
confidence, and it would at the same time provide a hidden
reserve for the issuing authority (on the assumption that
wholesale redemptions are unlikely).
(e) Provide for some cover against redemption but less than 100%
This course relies on an assessment of acceptable risk and on the
ability of a territory to achieve a particular level of cover.