XN000022-1975-08-03 — Page 1

PIM 7

香港政

IS 新聞處

DAILY INFORMATION BULLETIN

SUNDAY, AUGUST 3, 1975

NEW COINS GEARED TO FUTURE NEEDS ******.

THE PLAN, TO INTRODUCE THREE NEW AND DIFFERENTLY SHAPED COINS AND TO REPLACE THE PRESENT 50-CENT AND $1 PIECES WITH SMALLER AND LIGHTER COINS IN THREE STAGES IS THE PRODUCT OF SEVEN MONTHS' WORK OF THE COINAGE REVIEW COMMITTEE.

THE COMMITTEE WAS SET UP BY THE GOVERNMENT IN LATE 1973 TO EXAMINE THE FUTURE NEEDS OF HONG KONG'S COINAGE IN THE LIGHT OF INCREASING DEMAND FOR COINS, RISING MINTING COSTS, THE ADVENT OF MORE COIN-OPERATED MACHINES AND MOUNTING CRITICISM THAT THE PRESENT COINS ARE TOO LARGE AND HEAVY.

IT WAS AGAINST THIS BACKGROUND THAT THE COMMITTEE SET ABOUT TACKLING THE TASK OF REVIEWING HONG KONG'S COINAGE.

THE COMMITTEE HELD ITS FIRST MEETING ON NOVEMBER 30, 1973. THIS WAS FOLLOWED BY AN INFORMATION GATHERING PHASE IN WHICH PUBLIC OPINION ON THE POSSIBLE INTRODUCTION OF SHAPED COINS WAS SOUNDED OUT THROUGH THE HOME AFFAIRS DEPARTMENT AND THE NEW TERRITORIES ADMINSTRATION.

IT WAS THE PUBLIC'S FEELING THAT SHAPED COINS WOULD BE NECESSARY TO AVOID CONFUSION IF NEW COINS WERE TO ADD TO THE EXISTING RANGE.

A SIMPLE SURVEY OF 20 MAJOR COIN USERS MAINLY PUBLIC TRANSPORT AND UTILITIES COMPANIES CONCERNED WITH THE DAY-TO-DAY HANDLING OF LARGE QUANTITIES OF COINS SHOWED THAT THE MAJORITY OF THEM WERE IN FAVOUR OF INTRODUCING NEW DENOMINATION COINS.

A WIDE RANGE OF NEW DENOMINATION COINS WAS SUGGESTED. BUT, OF THOSE ORGANISATIONS WHICH GAVE THEIR VIEWS, NINE WERE IN FAVOUR OF INTRODUCING A 20-CENT COIN, EIGHT FOR $2 AND FOUR FOR $5 COINS.

THE AIM OF BRINGING IN THE 20-CENT AND $2 COINS IS TO PROVIDE A WIDER RANGE OF COINS FOR THE CONVENIENCE OF THE PUBLIC BY PERMITTING CASH TRANSACTIONS

TO BE COMPLETED WITH FEWER AND LIGHTER COINS.

THE GROUNDS FOR REPLACING THE $5 NOTE WITH A COIN ARE MAINLY ECONOMIC STEMMING FROM THE FACT THAT A NOTE HAS A LIFE OF LESS THAN ONE YEAR WHEREAS A COIN MAY LAST UP TO 50 YEARS.

THE COMMITTEE'S REPORT LATER MADE KNOWN TO THE PUBLIC PREDICTED THAT IN THE NEXT TEN YEARS UP TO THE END OF 1983, A TOTAL OF 312 MILLION $5 NOTES WOULD HAVE BEEN REQUIRED TO MEET THE PUBLIC DEMAND AND TO REPLACE DIRTY AND TATTERED ONES,

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