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WEDNESDAY, DECEMBER 7, 1977-
NEW 10-CENT COIN TO BE INTRODUCED IN 1979-80
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THE GOVERNMENT INTENDS TO INTRODUCE A NEW 10-CENT COIN IN 1979-80 PROVIDED THAT THE STORAGE CAPACITY NECESSARY TO COPE WITH THE CHANGE-OVER IS AVAILABLE, THE HON. FINANCIAL SECRETARY, MR. PHILIP HADDON-CAVE, SAID IN THE LEGISLATIVE COUNCIL TODAY.
HE WAS REPLYING TO A QUESTION BY THE HON. HILTON CHEONG- LEEN ON POSSIBLE CONFUSION BETWEEN THE RECENTLY INTRODUCED 50-CENT COIN AND THE 10-CENT COIN IN CIRCULATION.
MR. HADDON-CAVE SAID THAT THERE WERE DIFFERENCES BETWEEN THE TWO, AND THE GOVERNMENT DID NOT PROPOSE TO WITHDRAW OR REDESIGN THE NEW 50-CENT COIN,
+THE QUEEN'S PROFILE IS DIFFERENT, THE 50-CENT COIN IS LARGER AND IT IS, OF COURSE, MARKED AS A 50-CENT COIN IN CHINESE CHARACTERS AND IN ENGLISH, + HE SAID, ADDING, BUT ANY DISTINGUISHABILITY PROBLEMS WILL ONLY BE TEMPORARY IN VIEW OF OUR INTENTION TO INTRODUCE A REDESIGNED 10-CENT COIN.+
HE ALSO POINTED OUT THAT AS THE COINAGE REVIEW COMMITTEE HAD RECOMMENDED THAT ALL CENT DENOMINATION COINS SHOULD BE MADE OF NICKEL BRASS AND THAT THE DOLLAR SERIES BE MADE OF CUPRO-NICKEL, IT FOLLOWED THAT THE OLD 50-CENT CUPRO-NICKEL COIN WOULD HAVE
TO BE REPLACED BY A COIN MADE OF NICKEL BRASS.
REFERRING TO ANOTHER RECOMMENDATION OF THE COMMITTEE TO ISSUE A SMALLER DOLLAR COIN, HE SAID, +HAD THE NEW DOLLAR COIN BEEN INTRODUCED BEFORE THE 50-CENT COIN WAS CHANGED FROM CUPRO- NICKEL TO NICKEL BRASS THERE COULD HAVE BEEN CONFUSION BETWEEN THE NEW DOLLAR COIN AND THE OLD 50-CENT COIN.+
+ IT WAS, THEREFORE, DECIDED TO REPLACE THE 50-CENT COIN BEFORE THE SMALLER DOLLÁR COIN WAS INTRODUCED, HE EXPLAINED.
HE ALSO DISCLOSED THAT THE NEW DOLLAR COIN WOULD BE ISSUED IN AUGUST 1978, SAYING: +ON REFLECTION, PERHAPS IT WOULD HAVE BEEN BETTER TO INTRODUCE THE DOLLAR COIN FIRST BUT WE SHALL NEVER KNOW AS COIN IDENTIFICATION AND DISTINGUISHABILITY PROBLEMS THAT STEM FROM A PIECEMEAL RESTRUCTURING PROGRAMME TEND TO SURFACE ONLY WHEN NEW COINS ARE PUT INTO CIRCULATION.
+YET IT WOULD BE IMPRACTICAL TO INTRODUCE ALL CHANGES AT THE SAME TIME.
+ THE MAIN PROBLEM IS ONE OF FINDING SUFFICIENT SECURE STORAGE SPACE TO HANDLE THE NEW COINS AS THEY ARRIVE FROM THE MINT AND SPACE TO HOLD THE OLD COINS AS THEY ARE WITHDRAWN FROM CIRCULATION PRIOR TO SELLING THEM OFF FOR THEIR SCRAP METAL VALUE.+
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