XN000022-1977-05-19 — Page 2

THURSDAY, MAY 19, 1977

GOVERNMENT TO INTRODUCE NEW 50-CENT COIN IN AUGUST

***

A GOVERNMENT SPOKESMAN ANNOUNCED TODAY THAT THE PRESENT CUPRO-NICKEL 50-CENT COIN WILL BEGIN TO DISAPPEAR FROM USE AS FROM AUGUST WHEN A NEW SMALLER AND LIGHTER COIN WILL BE ISSUED TO REPLACE IT.

THE NEW COIN, WHICH IS CIRCULAR, IS BEING MINTED IN NICKEL- BRASS.

THE DESIGN AND DIMENSIONS OF THE NEW COIN WERE ADOPTED ON THE RECOMMENDATIONS OF THE 1973 COINAGE REVIEW COMMITTEE FOLLOWING THE ADVICE OF THE ROYAL MINT IN LONDON ONE OF THE WORLD'S FOREMOST AUTHORITIES ON THE DESIGN OF COINAGE SYSTEMS.

COMPARATIVE CHARACTERISTICS OF THE NEW AND EXISTING 50-CENT COINS ARE:

NEW

EXISTING

DIAMETER

22.5 MM

23.6 MM

THICKNESS

1.72 MM

1.78 MM

WEIGHT

4.92 GRMS

5.83 GRMS

EDGE

MILLED

ALLOY

NICKEL-BRASS

MILLED

CUPRO-NICKEL

THE PORTRAIT OF THE QUEEN ON THE OBVERSE OF THE COIN WILL BE IDENTICAL TO THAT ON THE NEW $5, $2 AND 20-CENT COINS INTRODUCED IN 1975 AND 1976. THIS IS DISTINCTLY DIFFERENT FROM THOSE APPEARING ON 10-CENT AND FIVE-CENT COINS AT PRESENT IN CIRCULATION AND WILL ASSIST IDENTIFICATION.

NEXT YEAR A NEW $1 COIN WILL BE ISSUED, IT WILL BE CIRCULAR, SMALLER AND LIGHTER THAN THE COIN AT PRESENT IN CIRCULATION AND WILL BEAR THE NEW PORTRAIT OF THE QUEEN BUT OTHERWISE WILL BE SIMILAR IN APPEARANCE TO THE PRESENT COIN.

REDESIGN AND REPLACEMENT OF THE PRESENT 10-CENT COIN

IS CURRENTLY UNDER ACTIVE CONSIDERATION BUT NO DATE HAS YET BEEN SET FOR ITS INTRODUCTION.

THE COINAGE REVIEW COMMITTEE WAS ESTABLISHED IN 1973 TO EXAMINE HONG KONG'S COINAGE, NOT ONLY BECAUSE OF INCREASING DEMAND FOR COINS AND RISING MINTING AND STORAGE COSTS BUT ALSO BECAUSE OF MOUNTING CRITICISM THAT COINS IN USE WERE TOO HEAVY AND CUMBERSOME.

12