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TUESDAY, SEPTEMBER 18, 1979
OLD 50-CENT COINS WILL CEASE TO BE LEGAL TENDER
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THE PUBLIC ARE REMINDED THAT THE OLD, SILVER COLOURED 50-CENT COINS WILL CEASE TO BE LEGAL TENDER FROM NEXT MONTH. A PROCLAMATION TO THIS EFFECT WAS PUBLISHED IN THE GAZETTE ON APRIL 27.
THIS MEANS THAT AS FROM OCTOBER 1, THE LEGAL OBLIGATION TO ACCEPT THESE COINS IN SATISFACTION OF DEBTS FOR AMOUNTS UP TO TWO DOLLARS IS REMOVED.
A GOVERNMENT SPOKESMAN SAID TODAY (TUESDAY) ANY PERSON STILL OWNING ANY OF THESE CUPRO-NICKEL COINS AFTER OCTOBER 1 WOULD BE ABLE TO OBTAIN AN EQUIVALENT SUM OF CURRENT COINS OR NOTES WHEN THEY ARE PRESENTED AT A BANK.
A NEW SMALLER BRASS COLOURED 50-CENT COIN, MADE OF NICKEL-BRASS, WAS INTRODUCED ON AUGUST 15, 1977.
SINCE THEN, THE OLD CUPRO-NICKEL 50-CENT COINS WHICH HAVE BEEN LEGAL TENDER FROM JULY 6, 1951, HAVE BEEN GRADUALLY WITHDRAWN FROM CIRCULATION.
AS AT AUGUST 31 THIS YEAR, 211 MILLION 50-CENT COINS WERE IN CIRCULATION, AND OF THIS NUMBER 79 MILLION WERE OF THE OLD TYPE COINS.
THE SPOKESMAN SAID ACTION WOULD BE TAKEN IN DUE COURSE TO DEMONETISE THE LARGE ONE DOLLAR COIN, FIRST ISSUED IN 1960, WHICH IS NOW GRADUALLY BEING DISPLACED BY A NEW SMALLER COIN WHICH WAS FIRST ISSUED IN AUGUST, 1978.
BOTH OF THESE CHANGES STEM FROM THE ACCEPTANCE BY THE GOVERNOR-IN-COUNCIL OF THE RECOMMENDATIONS OF THE COINAGE REVIEW COMMITTEE. AN ABRIDGED COPY OF THIS COMMITTEE'S REPORT WAS PUBLISHED IN NOVEMBER 1974.
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