THURSDAY, JULY 3, 1975
NEW COINS BECOME LEGAL TENDER NEXT MONTH
THE NEW $2 AND 20-CENT COINS WILL START JINGLING IN PEOPLE'S POCKETS FROM AUGUST 18 THE DATE THESE LIGHTER-WEIGHT AND SMALLER-SIZE COINS BECOME LEGAL TENDER.
THE COINS EASILY RECOGNISABLE THROUGH THEIR SCALLOP EDGE WIL: DE ISSUED THROUGH THE HONG KONG AND SHANGHAI BANKING CORI ORATION TO ALL THE DANKS IN HONG KONG,
WHEN THE NEW COINS ARE INTRODUCED, THE MAN IN THE STREET WILL BENEFIT FROM A WIDER RANGE OF COINS FOR MAKING PAYMENT.
ANOTHER MERIT OF THE NEW COINS IS THAT THEY WILL NOT WEIGH PEOPLE'S POCKETS DOWN BECAUSE THE 20-CENT COIN IS 40 PER CENT IGHTER THAN THE 10-CENT PIECE AND THE $2 COIN IS 20 PER CENT LIGHTER THAN THE $1 PIECE.
IN ADDITION, THE NEW COINS WILL MAKE CASH TRANSACTIONS FASTER AND SIMPLER,
TO ILLUSTRATE THIS POINT, THE DEPUTY DIRECTOR OF ACCOUNTING SERVICES, MR. GEOFFREY EDEN GAVE TWO EXAMPLES.
IN THE FIRST CASE, TWO COINS CAN BE SAVED IN THE CHANGE REQUIRED FOR A PAYMENT MADE WITH A $5 NOTE FOR A $1 ITE. THE CHANGE REQUIRED IN THE EXISTING RANGE OF COINS IS FOUR 1 PIECES WHILE IN THE NEW RANGE ONLY TWO $2 COINS ARE NEEDED.
IN THE SECOND EXAMPLE. TWO $2 AND ONE 20-CENT COINS CAN 20 THE JOB OF FOUR $1 AND TWO 10-CENT PIECES IN THE TRANSACTION OF AN ITEM PRICED AT $4.20 THREE COINS LESS THAN REQUIRED AT PRESENT.
MR. EDEN ALSO STATED THAT THE GOVERNMENT HAD ORDERED 60 MILLION $2 AND 70 MILLION 20-CENT COINS FROM THE ROYAL MINT IN THE U.K. AND A SUBSTANTIAL QUANTITY OF THESE COINS HAS ALREADY ARRIVED.
+QUITE A LARGE NUMBER OF THESE NEW COINS WILL BE RELEASED IN AUGUST, BUT THE EXACT NUMBER WILL DEPEND ON THE INITIAL DEMAND, HE SAID.
THE INTRODUCTION OF THESE NEW COINS WILL EVENTUALLY LEAD TO A REDUCTION IN THE NUMBER OF COINS IN CIRCULATION,
THE TOTAL NUMBER OF COINS NOW IN CIRCULATION IS 840 MILLION. THIS WORKS OUT AT AN AVERAGE OF 193 PIECES FOR EACH PERSON IN HONG KONG, COMPRISING 20 FIVE-CENT, 100 TEN-CENT, 32 FIFTY-CENT, AND 41 $1 COINS.
/IT IS ESTIMATED
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