28
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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). Actual payments by US companies are between 14% and 18% of face value. Bermuda's 1977 contract with Italcambio provides for royalty payments of 25% and 22% of face value for proof and specimen coins, respectively, but the Monetary Authority's
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