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8.10(4) Where figures are available, Table 3 shows the relationship
between numismatic coins and "ordinary" notes and coins in circulation.
Estimates for 1977 are available for only 5 territories. These alone
have planned issues in excess of US$10 mn. As this figure excludes
not only two territories (BVI and the Cayman Islands) which have
regularly issued large numbers of coins, but also the Solomon Islands
where the introduction of their own currency is certain to result in
sizeable numismatic sales, the final figure for 1977 could be well in
excess of US$20 mn. The 1977 issues have undoubtedly been boosted by
the Queen's Silver Jubilee and it seems unlikely that such a rate could
be maintained on a regular basis. However, it is probable that the
trend will continue through 1978 as programmes are commissioned to
celebrate the Coronation Jubilee. The Cayman Islands are implementing
proposals for a US$3.65 mn. issue and there are also plans for an
extensive programme by the Turks and Caicos Islands. We do not know
the intentions of other dependencies, but if issues are on the same
scale as in 1977 the aggregate face value of dependencies' numismatic
coins outstanding by the end of 1978 may be around US$70 mn-US$ 75 mn.
Royalty Income
8.11 (1) In this section, royalty receipts for any year have been assumed to correspond to the programmed issue for that year. Although
actual payments may lag from one year to the next and coin issues
agreed during, and dated for, a particular year may not be completed
until well into the following year, the method of matching a year's
receipts against the same year's programme (as specified under the
contract) should not produce serious discrepancies.
8.11(2) Not surprisingly, those territories that have issued the most
coins have received the largest royalty payments (see Table 4).
This,
however, is only at the cost of very sizeable issues and does not
represent the most advantageous percentage return. A comparison of
royalties as a percentage of the face value of the issues (Table 5)
indicates that, in those cases where territories have contracted with a
US promotional company, the percentage return is almost invariably
poorer than that offered by agreements with the Royal Mint.
attraction of the US companies is undoubtedly their preparedness to
mint, and their ability to sell to the market, a very large number of
coins per programme (see Section 8.10).
are between 14% and 18% of face value.
Italcambio provides for royalty payments of 25% and 22% of face value
for proof and specimen coins, respectively, but the Monetary Authority's
The
Actual payments by US companies Bermuda's 1977 contract with