CONFIDENTIAL
3
years (and with other unsatisfactory features) limits the scope for quick action in some cases. Other action to reduce or remove risk for coins issued and to be issued under existing arrangements would include not only the gradual building up, over a period, of backing funds to meet possible redemptions, but also the removal (again over a period) of legal tender status and "redeemability" from past issues. More radically, future issues might also be made irredeemable at the outset; but this could reduce marketability too and would mark a sharp break with what is now normal practice in the dependencies.
ever,
Jour
Jony
A.J.T.Williams
601-4181.