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WEDNESDAY, FEBRUARY 24, 1993
PLAN TO REPLACE TEN-DOLLAR NOTE EXPLAINED
THE
DECISION TO REPLACE THE TEN-DOLLAR NOTE BY COIN WAS MADE ON ECONOMIC GROUNDS AND THE TIMING FOR THE OF SUCH COINS HAS YET TO BE DETERMINED, THE AFFAIRS, MR MICHAEL CARTLAND, SAID TODAY (WEDNESDAY).
SECRETARY
A TEN-DOLLAR INTRODUCTION
FOR MONETARY
IN A WRITTEN REPLY TO A QUESTION BY THE HON MRS PEGGY LAM, CARTLAND SAID THE TEN-DOLLAR COIN WOULD NOT PREDOMINANTLY
MR THE ROLE OF THE TEN-DOLLAR NOTE UNTIL AFTER A PERIOD OF AT LEAST THREE TAKE OVER YEARS.
THIS IS BECAUSE THE LARGE NUMBER OF SUCH NOTES IN AND THE CONSTRAINTS IN PRODUCTION AND STORAGE OF REPLACEMENT COINS,
CIRCULATION SAID.
HE
TENDER.
"EVEN AFTER THAT, THE TEN-DOLLAR NOTE WILL CONTINUE TO BE LEGAL
I
THERE SHOULD THEREFORE BE LITTLE LIKELIHOOD OF ANY MISCONCEPTION THAT THE TEN-DOLLAR NOTE HAS BEEN DEVALUED,
PERSISTENT HE SAID.
THE TEN-DOLLAR NOTE NOW CONSTITUTES OVER 60 PER CENT TOTAL NUMBER OF NOTES IN CIRCULATION.
OF THE
HE SAID THE DECISION OF REPLACEMENT WAS MAINLY TO THE OBJECTIVE OF PROVIDING AN EFFICIENT MEDIUM OF EXCHANGE IN A COST-EFFECTIVE WAY.
"IT IS SO HEAVILY USED THAT IT HAS A VERY SHORT AVERAGE LIFE OF UNDER TWO YEARS, WHILE COINS LAST FOR A MUCH LONGER SECRETARY SAID.
TIME," THE
HE SAID IT WAS CLEARLY MUCH MORE ECONOMICAL TO REPLACE THE NOTE WITH A COIN.
BESIDES, THERE WILL BE SUBSTANTIAL SAVINGS ON PRODUCTION OF NEW BANK NOTES AND DESTRUCTION OF OLD ONES.
THE COST OF
IN ARRIVING AT THE DECISION, THE TWO BANKS RESPONSIBLE FOR ISSUE OF BANK NOTES HAVE BEEN CONSULTED, MR CARTLAND SAID.
THE SECRETARY OF STATE, WHO HAS THE AUTHORITY TO APPROVE MINTING OF NEW COINS, HAS ALSO BEEN CONSULTED.
THE
THE
"THE PRECISE TIMING FOR THE INTRODUCTION OF THE TEN-DOLLAR COIN HAS YET TO BE DETERMINED, ALONG WITH THAT FOR THE ONGOING OF COINS OF EXISTING DESIGNS BY THOSE WITH NEW DESIGNS,
REPLACEMENT
++ HE SAID.
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