THURSDAY, JULY 1, 1982
ISSUE OF NEW 10 CENT COINS
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THE GOVERNMENT WILL BEGIN TO ISSUE THE NEW 10 CENT COIN TO BANKS TOMORROW (FRIDAY), WHEN THE COIN WILL BECOME LEGAL TENDER FOR ANY AMOUNT NOT EXCEEDING 2 DOLLARS.
THE INTRODUCTION OF THIS NEW COIN, WHICH IS SLIGHTLY SMALLER THAN THE EXISTING 10 CENT COIN, WAS PROPOSED IN THE 1974
THE LEGAL TENDER DATE OF REPORT OF THE COINAGE REVIEW COMMITTEE. JULY 2 WAS SET BY THE GOVERNOR IN A PROCLAMATION GAZETTED ON APRIL 23.
THE REVERSE OF THE NEW 10 CENT 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, A THICKNESS OF 1.15 MM AT THE EDGE AND WILL WEIGH 1,85 GRAMS {COMPARED WITH THE PRESENT COIN'S 20.57 MM, 1.85 MM AND 4.54 GRAMS RESPECTIVELY).
THE OLD 10 CENT COINS WILL BE WITHDRAWN AS THEY PASS THROUGH THE BANKS. THERE ARE PRESENTLY 516 MILLION 10 CENT COINS IN CIRCULATION BUT IT IS THOUGHT THAT A LARGE PROPORTION HAVE BEEN LOST.
THE DATE AFTER WHICH THE EXISTING COINS WILL NO LONGER BE LEGAL TENDER HAS NOT YET BEEN FIXED. THIS WILL BE DONE WHEN THERE ARE SUFFICIENT NEW 10 CENT COINS IN CIRCULATION TO MEET PUBLIC DEMAND FOR THIS CURRENCY UNIT AND WHEN IT APPEARS THAT THE NUMBER OF OLD COINS ACTUALLY IN CIRCULATION IS NO LONGER SIGNIFICANT IN CASH TRANSACTIONS.
GOOD NOTICE OF THE DATE WHEN THE OLD COIN WILL CEASE TO BE LEGAL TENDER WILL BE GIVEN, SO THAT THE PUBLIC WILL HAVE AMPLE OPPORTUNITY TO RETURN COINS TO THE BANKS.
A GOVERNMENT SPOKESMAN RECALLED THAT THE COINAGE REVIEW COMMITTEE MADE THE FOLLOWING RECOMMENDATIONS IN 1974:-
(A) THE INTRODUCTION OF TWO NEW COINS: A 20 CENT COIN AND A
2 DOLLAR COIN:
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(B)
(C)
A CHANGE IN THE SIZE, WEIGHT AND METAL CONTENT OF THE 50 CENT COIN:
THE INTRODUCTION OF A 5 DOLLAR COIN TO REPLACE THE 5 DOLLAR NOTE; AND
(D) A REDUCTION IN THE SIZE AND WEIGHT OF THE DOLLAR COIN.
"THE COMMITTEE