01-488 3424
Ext. 236
II. Lee, Esq.,
HM Treasury,
Great George Street,
LONDON SW1.
Dear Hugh,
13/2
10 September 1974
Hong Kong Coinage
I have received a copy of the letter dated 27 August addressed by the Foreign & Commonwealth Office to the Secretary of the Treasury under their reference HKK 5/38, and have some comments which you may like to take into account in drafting the Treasury's reply.
2. The sizes and values of the proposed two new cuius are such that it is most unlikely that the coins will ever be used as currency. It may indeed be assumed that they are intended exclusively for the collectors market, which of course is mainly outside. Hong Kong. The issue of such coins is nowadays commonplace and I do not think that any adequate reason could be found for refusing Treasury approval.
3. Hong Kong's decision to appoint the World Coin Corporation as their marketing cent instead of the Royal Mint ir naturally disappointing, though hardly exceptionable assuming our two offels were considered un their merits. We have not seen the proposed agreement with the World Coin Corporation, but it might be worth suggesting that the Hong Kong Government atisfy themselves that it allows them an adequate share of the profits and does not tie their hands too far into the future. We know of other agreements where the Issuing Authorities have come off badly in these respe ts.
Yours sincerely,
(A.J. DOWLING)
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