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MONDAY, NOVEMBER 11, 1974
NEW COINS TO BE INTRODUCED
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THREE NEW COINS ARE TO BE INTRODUCED INTO HONG KONG'S MONETARY SYSTEM DURING THE NEXT THREE YEARS. THEY ARE A 20 CENT COIN, A $2 COIN AND A $5 COIN TO REPLACE THE EXISTING BANKNOTE.
DURING THE SAME PERIOD IT IS PROPOSED TO REPLACE THE EXISTING $1 AND 50 CENT PIECES WITH SLIGHTLY SMALLER AND LIGHTER COINS.
THESE AND OTHER PROPOSALS OF A COINAGE REVIEW COMMITTEE APPOINTED BY THE FINANCIAL SECRETARY, UNDER THE CHAIRMANSHIP OF THE ACCOUNTANT GENERAL, MR. D.W.A. ELYE, HAVE BEEN ACCEPTED BY THE GOVERNOR IN COUNCIL. THE COMMITTEE'S REPORT IS PUBLISHED TODAY IN A SLIGHTLY ABBREVIATED VERSION.
THE COMMITTEE CONSIDERED THAT CRITICISM OF THE PRESENT COINAGE WAS JUSTIFIED IN TUO RESPECTS THAT THE $1 COIN IS TOO LARGE AND HEAVY IN RELATION TO ITS VALUE= AND THE EXISTING RANGE OF DENOMINATIONS IS INSUFFICIENT.
TO ASSIST IN ITS DELIBERATIONS, THE COMMITTEE INVITED ORGANISATIONS AND FIRMS CONCERNED WITH THE DAY-TO-DAY HANDLING OF LARGE NUMBERS OF COINS TO SUBMIT COMMENTS OR SUGGESTIONS. MEMBERS OF THE PUBLIC WERE ALSO INVITED TO PUT FORWARD THEIR VIEWS. THE COMMITTEE WAS HELPED BY EXPERT ADVICE FROM THE ROYAL MINT,
THE FIRST PART OF THE PHASED PROGRAMME WILL SEE THE INTRODUCTION OF THE 20 CENT AND $2 COINS IN AUGUST 1975. THEY WILL BE SLIGHTLY SMALLER THAN THE PRESENT 10 CENT AND $1 COINS, AND WILL HAVE A DISTINCTIVE SHAPE INCORPORATING SCALLOPED EDGES TO MAKE THEM EASILY RECOGNISADLE.
THE COMMITTEE DECIDED THAT THE NEW COINS SHOULD BE SHAPED, AS IT WOULD NOT BE POSSIBLE TO ADD NEW ROUND COINS TO THE EXISTING RANGE WITHOUT CAUSING CONFUSION. AT THE SAME TIME IT WAS NOT PRACTICABLE TO INTRODUCE A COMPLETELY NEW RANGE OF REDESIGNED COINS ALL AT ONE TIME.
THE SECOND PHASE OF THE PROGRAMME WILL BE THE REPLACEMENT OF THE EXISTING $1 COIN IN AUGUST 1976- AND THE THIRD AND FINAL PHASE WILL BE THE REPLACEMENT, IN AUGUST 1977, OF THE PRESENT 50 CENT COIN AND THE INTRODUCTION OF THE $5 COIN TO REPLACE THE BANKNOTE.
THE NEW 50 CENT AND $1 COINS WILL BE CIRCULAR LIKE THE PRESENT ONES, BUT THEY WILL BE SLIGHTLY SMALLER AND THINNER, AND CONSEQUENTLY LIGHTER. THE NEW $5 PIECE WILL BE FRACTIONALLY LARGER, BUT LIGHTER, THAN THE PRESENT $1 COIN AND IT, TOO, WILL HAVE A DISTINCTIVE SHAPE.
/THE METAL