WEDNESDAY, DECEMBER 16, 1981
NEW 10-CENT COIN OUT NEXT YEAR
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A SMALLER AND LIGHTER 10-CENT COIN WILL BE INTRODUCED NEXT AR WHICH WILL BE MORE READILY DISTINGUISHABLE FROM THE 50-CENT COIN.
THE REVERSE OF THE NEW COIN WILL PROMINENTLY DISPLAY THE ARABIC NUMERAL +10+ IN THE CENTRE. THE OBVERSE WILL CARRY THE SAME PORTRAIT OF THE QUEEN AS ON ALL THE COINS INTRODUCED IN RECENT YEARS ($5, $2, $1, 50-CENT AND 20-CENT).
THE NEW ROUND COIN WILL STILL BE IN NICKEL BRASS (79 PER CENT COPPER, 20 PER CENT ZINC, 1 PER CENT NICKEL) BUT WILL HAVE A PLAIN INSTEAD OF A MILLED EDGE. IT WILL HAVE A DIAMETER OF 17.50 MM, THICKNESS OF 1.15 MM AT THE EDGE AND WEIGH 1.85 GRAMS (COMPARED WITH THE PRESENT COIN'S 20.57 MM, 1.85 MM AND 4.54 GRAMS RESPECTIVELY).
AN INITIAL ORDER FOR 200 MILLION NEW COINS HAVE BEEN PLACED WITH THE ROYAL MINT AND IT IS EXPECTED THAT THERE WILL BE SUFFICIENT SUPPLIES TO START CIRCULATING THEM IN THE SECOND QUARTER OF NEXT YEAR.
WHEN THE NEW COINS ARE AVAILABLE, THE OLD COINS WILL BE WITHDRAWN AS THEY PASS THROUGH THE BANKS. THERE ARE AT PRESENT 533-MILLION TEN-CENT COINS IN CIRCULATION BUT IT IS THOUGHT THAT A LARGE PROPORTION HAVE BEEN PERMANENTLY LOST AND THAT THE DEMAND FOR THIS CURRENCY UNIT IS SUBSTANTIALLY LESS THAN THIS.
THE COINAGE REVIEW COMMITTEE RECOMMENDED IN 19741
* THE INTRODUCTION OF TWO NEW COINS FOR 20 CENTS AND $2-
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A CHANGE IN THE SIZE, WEIGHT AND METAL CONTENT OF THE 50-CENT COIN-
THE INTRODUCTION OF A $5 COIN TO REPLACE THE OLD $5 NOTE- AND
A REDUCTION IN THE SIZE AND WEIGHT OF THE $1 COIN.
THE COMMITTEE ALSO SUGGESTED THAT WHEN THE LARGE $1 COIN CEASED TO CIRCULATE, THE NUMBER OF SHAPED COINS SHOULD BE REDUCED BY ROUNDING THE SCALLOPED $2 COIN, AND THAT THE SIZE OF THE 10-CENT COIN SHOULD BE REDUCED WHEN THE 5-CENT COIN PLAYED A LESS SIGNIFICANT PART IN THE CURRENCY SYSTEM.
WITH THE EXCEPTION THAT THE 10-SIDED $5 COIN RATHER THAN THE SCALLOPED $2 COIN WAS ROUNDED, BECAUSE OF THE LATTER'S GREATER POPULARITY, ALL THE RECOMMENDATIONS AND SUGGESTIONS OF THE COMMITTEE WILL HAVE BEEN IMPLEMENTED WITH THE INTRODUCTION OF THE NEW 10-CENT COIN.