-
3
THURSDAY, MAY 7, 1981
HONG KONG TO HAVE SMALLER, ROUND FIVE-DOLLAR COIN
******
THE GOVERNMENT IS TO INTRODUCE A NEW ROUND FIVE-DOLLAR COIN. IT HAS A SMALLER DIAMETER THAN THE PRESENT 10-SIDED COIN, BUT WEIGHS SLIGHTLY MORE.
THE GOVERNOR HAS, BY A PROCLAMATION WHICH WILL APPEAR IN THE GOVERNMENT GAZETTE TOMORROW (FRIDAY), FIXED MAY 11 AS THE DATE FROM WHICH THE NEW COINS WILL BECOME LEGAL TENDER FOR ANY AMOUNT NOT EXCEEDING $100.
IN 1974, ON THE ADVICE OF THE EXECUTIVE COUNCIL, THE GOVERNMENT DECIDED THAT THE RECOMMENDATIONS OF THE COINAGE REVIEW COMMITTEE SHOULD BE IMPLEMENTED, THOSE RECOMMENDATIONS
CLUDED A PROPOSAL TO REPLACE THE FIVE-DOLLAR NOTE WITH
D-SIDED COIN.
SO AS TO REDUCE THE NUMBER OF NON-ROUND COINS IN THE RANGE, THE COMMITTEE SUGGESTED THAT WHEN THE LARGE ONE DOLLAR COIN CE SED TO CIRCULATE, CONSIDERATION MIGHT BE GIVEN TO REPLACING TH: SHAPED $2 COIN PROPOSED IN ITS REPORT WITH A ROUND COIN.
ALTHOUGH OVER 50 MILLION LARGE ONE DOLLAR COINS ARE OUTSTANDING, IT HAS EFFECTIVELY CEASED TO CIRCULATE, THUS PROVIDING AN OPPORTUNITY TO REDUCE THE NUMBER OF NON-ROUND COINS.
THE SCALLOPED TWO-DOLLAR COIN OF WHICH 101 MILLION WERE IN CIRCULATION OVER CHINESE NEW YEAR, HAS BEEN WELL RECEIVED. ON THE OTHER HAND, THE FIVE-DOLLAR COIN OF WHICH 51 MILLION WERE IN CIRCULATION OVER CHINESE NEW YEAR, HAS RECEIVED CONSIDERABLE CRITICISM PARTLY BECAUSE OF ITS SHAPE AND BECAUSE IT WILL NOT ROLL AND THEREFORE CANNOT BE USED EASILY IN VENDING MACHINES. IT HAS ALSO BEEN UNLAWFULLY
IMITATED.
THE GOVERNMENT THEREFORE HAS DECIDED THAT THE NUMBER OF SHAPED COINS SHOULD BE REDUCED THROUGH THE INTRODUCTION OF A ROUND $5 COIN, RATHER THAN THROUGH THE INTRODUCTION OF A ROUND $2 COIN AS SUGGESTED BY THE COINAGE REVIEW COMMITTEE. A SECONDARY REASON FOR THIS DECISION IS THAT THE MASS TRANSIT RAILWAY AUTOMATIC TICKET ISSUING MACHINES ACCEPT $2 COINS, BUT THEY DO NOT ACCEPT THE PRESENT $5 COINS.
THE NEW $5 COIN WILL HAVE A DISTINCTIVE SECURITY EDGE WHICH, WITH OTHER FEATURES, MAKES IT MUCH MORE DIFFICULT TO PRODUCE THAN HONG KONG'S OTHER COINS AND THOSE CIRCULATING IN OTHER COUNTRIES. IT WILL CIRCULATE INITIALLY ALONGSIDE THE EXISTING 10-SIDED COIN, BUT THE LATTER WILL BE PHASED OUT GRADUALLY AND AFTER GOOD NOTICE, IT WILL CEASE TO BE LEGAL TENDER.
THE NEW COIN HAS THE SAME WEIGHT AS THE 50 PENCE COIN IN THE UNITED KINGDOM, AND HAS A LARGE +5+ NUMERAL AVOIDING ANY CONFUSION WITH OTHER COINS NOW IN CIRCULATION.
/THE COIN
E