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BY BAG
FROM HONG KONG
CONFIDENTIAL
CONFIDENTIAL
SAVING TELEGRAM RECEIVED IN
REGISTRY No.52
17 SEP1974
HKK 5/38
TO F CO TELNO 220 SAVING OF 12 SEPTEMBER 1974
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Proposals for changes in Hong Kong's coinage were approved by Executive Council on 10th September, following upon a comprehensive review of present and future coinage needs. The memorandum prepared for Executive Council, XCC(74)66, with an annexed report by a committee which carried out the review, will be despatched to London by bag on 13th September. A copy of the report was sent to Dowling at the Mint on 7th August.
2.
It is proposed to introduce three new coins in denominations of 20 cents, 2 dollars and 5 dollars, the last replacing a banknote. It is also proposed to replace existing coins by smaller ones in the denominations 50 cents and one dollar, the 50 cent coin being changed at the same time from cupro-nickel to nickel brass. Specifications for the new range are given in paragraph 65 of the report mentioned above.
3.
The proposals have been arrived at in consultation with the Royal Mint, and I believe they have the Mint's general approval. We shall soon be asking the Mint to go ahead with design and other preparation work for the new coins.
4.
The changes would be phased over the period August 1975 - August 1977, and this timetable would be important because of considerations of storage space availability. Orders for the minting of the new coins to be introduced in August 1975, namely the 20 cent and 2 dollar coins, would need to be placed soon. I should therefore be glad if the necessary approvals under Article 3 of the Hong Kong (Coinage) Order 1936, for the coining of these two coins, could be given urgently. Approval for the other changes proposed will be sought separately.
5.
We are planning to publish a slightly condensed version of the committee's report here as soon as possible, but will probably make no public announcement until then.
MACLEHOSE
FILES
HKIOD
FRD
SIR D MAITLAND
MR MARSHALL
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