TUESDAY, FEBRUARY 19, 1980
OLD ONE DOLLAR COIN
CEASES TO BE LEGAL TENDER FROM MARCH 1
FOR THE FAMILIAR
MARCH 1 IS D-DAY -
****
BUT BIG AND HEAVY ONE DOLLAR COIN DEMONETISING DAY.
A GOVERNMENT SPOKESMAN TODAY (TUESDAY) REMINDED THE PUBLIC THAT FROM MARCH 1 THE OLD COIN WILL CEASE TO BE LEGAL TENDER.
A PROCLAMATION TO THIS EFFECT WAS PUBLISHED IN THE GOVERNMENT GAZETTE ON OCTOBER 12 LAST YEAR.
+THIS MEANS THAT FROM MARCH 1 THE LEGAL OBLIGATION TO ACCEPT THESE COINS IN SATISFACTION OF DEBTS IS REMOVED, THE SPOKESMAN EXPLAINED,
+HOWEVER, ANY PERSON OWNING ANY OF THESE COINS WILL BE ABLE TO EXCHANGE THEM FOR THE NEWER ONE DOLLAR COINS OR FOR THE EQUIVALENT IN OTHER COINS OR NOTES BY PRESENTING THEM AT A BANK.+
THE NEW, SMALLER AND LIGHTER, ONE DOLLAR COIN WAS INTRODUCED ON AUGUST 14, 1978, AND SINCE THAT DATE THE OLD COINS, WHICH HAVE BEEN LEGAL TENDER SINCE DECEMBER 12, 1960, HAVE BEEN GRADUALLY WITHDRAWN FROM CIRCULATION.
THE DETAILED SPECIFICATIONS OF THE TWO COINS ARE AS FOLLOWS
WEIGHT EDGE THICKNESS
SHAPE TYPE OF EDGE
DIAMETER
(MM) (GRAMS)
(MM)
OLD:
30.00 11.664
2.25
ROUND
MILLED
NEW:
25.50
7.10
1.95
ROUND
MILLED
BOTH COINS ARE MADE OF CUPRO-NICKEL AND ARE SILVER COLOURED IN APPEARANCE.
AS AT JANUARY 31, 1980, 278 MILLION ONE DOLLAR COINS WERE IN CIRCULATION, AND OF THIS NUMBER 79 MILLION WERE OF THE SPECIFICATION WHICH IS TO BE DEMONETISED.
THE CHANGE STEMS FROM THE ACCEPTANCE BY THE GOVERNOR-IN-COUNCIL IN SEPTEMBER, 1974 OF THE RECOMMENDATIONS OF THE COINAGE REVIEW COMMITTEE. AN ABRIDGED COPY OF THIS COMMITTEE'S REPORT WAS PUBLISHED IN NOVEMBER 1974 AND RECEIVED WIDE PRESS COVERAGE AT THE TIME.
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