XN000022-1977-12-21 — Page 16

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WEDNESDAY, DECEMBER 21, 1977

+THE DOLLAR COIN WILL BE ROUND, WHEREAS THE TWO DOLLAR COIN HAS 12 SCALLOPS AND THE FIVE DOLLAR COIN HAS 10 SIDES. IN ADDITION, THE DOLLAR COIN WILL BE LIGHTER IN WEIGHT THAN BOTH THE TWO DOLLAR AND FIVE DOLLAR COINS, AND ITS DIAMETER WILL BE 25.5 MM, COMPARED WITH 28 MM FOR THE TWO DOLLAR COIN, AND 31 MM FOR THE FIVE DOLLAR COIN.+

AS FOR THE DESIGN OF THE NEW 10 CENT COIN, MR. HADDON-CAVE SAID THAT THIS HAD NOT YET BEEN FINALISED BUT ONE OF THE DESIGNS UNDER CONSIDERATION WAS SIMILAR TO THAT WHICH HE THOUGHT. KR. CHEONG-LEEN HAD IN MIND.

REPLYING TO ANOTHER QUESTION FROM THE HON. Q.W. LEE ON THE SHORTAGE CF 10 CENT COINS, MR. HADDON-CAVE POINTED OUT THAT THE TOTAL OUTSTANDING CIRCULATION OF 10 CENT COINS WAS ABOUT 2,100 METRIC TONS OR 460 MILLION COINS, ABOUT 100 PER HEAD OF THE POPULATION.

+WITH SO MANY 10 CENT COIN. IN CIRCULATION, IT IS HARD TO BELIEVE THAT THERE IS A REAL SHORTAGE, HE SAID.

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HE NOTED THAT IT WAS POSSIBLE THAT REPORTS OF SHORTAGES COMING SO CLOSE TO THE CHINESE NEW YEAR FESTIVAL HAD LED TO HOARDING

CF THESE COINS OR IT MIGHT BE THAT A LARGE NUMBER OF 10 CENT COINS TENDED TO BE PUT AWAY FOR A RAINY DAY AND THEN FORGOTTEN.

+THERE IS NOTHING THAT CAN BE DONE IMMEDIATELY TO INCREASE THE NUMBER OF 10 CENT COINS IN CIRCULATION, BUT WE HAVE CONTINGENCY PLANS IN HAND SHOULD THE POSITION BECOME CRITICAL,+ HE SAID.

HE EXPLAINED THAT ONE OF THE PURPOSES OF INTRODUCING THE 20 CENT COIN WAS TO DISPLACE 10 CENT COINS, SO THAT WHEN THE PRESENT COIN WAS REPLACE MOWER NEW COINS WOULD BE NEEDED.

+UNFORTUNATELY, THIS HAS NOT WORKED OUT AS WELL AS THE COINAGE REVIEW COMMITTEE AND THE GOVERNMENT HOPED AND THERE HAS BEEN NO REDUCTION IN THE NUMBER OF 10 CENT COINS IN CIRCULATION IN FACT, THE NUMBER HAS INCREASED BY ABOUT 21 MILLION SINCE THE 20 CENT COIN WAS FIRST INTRODUCED IN AUGUST 1975, + HE SAID.

+IT SEEMS THAT THE PUBLIC STILL NOT FULLY ACCUSTOMED TO THE 20 CENT COINS WITH THE RESULT THAT FATHER MORE 10 CENT COINS ARE BEING USED IN TRANSACTIONS. IN. RECENT MONTHS THERE HAVE BEEN SIGNS THAT PATHER MORE USE IS CEING MADE OF THE 20 CENT COINS AND. HOPEFULLY, THIC SHOULD EVE.TUALLY LEAD TO A REDUCTION IN THE DEMAND FOR 10 CET COINS, ALIES.

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