XN000022-1982-04-22 — Page 3

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THURSDAY, APRIL 22, 1982

NEW TEN-CENT COIN FROM JULY 2

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THE NEW TEN-CENT COIN, WHICH IS SMALLER AND LIGHTER THAN THE PRESENT COIN, WILL BE INTRODUCED IN JULY. THE GOVERNOR HAS, BY A PROCLAMATION WHICH WILL APPEAR IN THE GOVERNMENT GAZETTE TOMORROW, FIXED JULY 2 AS THE DATE FROM WHICH THE COINS WILL BE LEGAL TENDER FOR ANY AMOUNT NOT EXCEEDING TWO DOLLARS.

IN 1974, ON THE ADVICE OF THE EXECUTIVE COUNCIL, THE GOVERNMENT DECIDED THAT THE RECOMMENDATIONS OF THE COINAGE REVIEW COMMITTEE SHOULD BE IMPLEMENTED. THESE RECOMMENDATIONS INCLUDED A PROPOSAL TO REDUCE THE SIZE OF THE TEN-CENT COIN WHEN THE FIVE-CENT COIN PLAYED A LESS SIGNIFICANT PART IN THE CURRENCY SYSTEM.

THE REVERSE OF THE NEW TEN-CENT COIN WILL PROMINENTLY DISPLAY THE ARABIC NUMERAL +10+ IN THE CENTRE. THE OBVERSE WILL CARRY THE SAME PORTRAIT OF THE QUEEN AS ON ALL THE COINS INTRODUCED IN RECENT YEARS ($5, $2, $1, 50 CENT AND 20 CENT).

THE NEW ROUND COIN WILL STILL BE IN NICKEL BRASS (79 PER CENT COPPER, 20 PER CENT ZINC, 1 PER CENT NICKEL) BUT WILL HAVE A PLAIN INSTEAD OF MILLED EDGE. IT WILL HAVE A DIAMETER OF 17.50 MM, A THICKNESS OF 1.15 MM AT THE EDGE AND WEIGHT OF 1.85 GRAMS (COMPARED WITH THE PRESENT COIN'S 20.57 MM, 1.85 MM AND 4.54 GRAMS RESPECTIVELY).

THE OLD TEN-CENT COINS WILL BE WITHDRAWN AS THEY PASS THROUGH THE BANKS. THERE ARE AT PRESENT 546 MILLION TEN-CENT COINS IN CIRCULATION BUT IT IS THOUGHT THAT A LARGE PROPORTION HAVE BEEN PERMANENTLY LOST.

THE DATE AFTER WHICH THE EXISTING COINS WILL NO LONGER BE LEGAL TENDER HAS NOT YET BEEN FIXED. THIS WILL BE DONE WHEN THERE ARE SUFFICIENT NEW DESIGN TEN-CENT COINS IN CIRCULATION TO MEET PUBLIC DEMAND FOR THIS CURRENCY UNIT AND WHEN IT APPEARS THAT THE NUMBER OF OLD COINS ACTUALLY IN CIRCULATION IS NO LONGER SIGNIFICANT IN CASH TRANSACTIONS.

GOOD NOTICE OF THE DATE WHEN THE OLD COIN WILL CEASE TO BE LEGAL TENDER WILL BE GIVEN, SO THAT THE PUBLIC WILL HAVE AMPLE OPPORTUNITY TO RETURN COINS TO THE BANKS.

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