TNAG-0455-FCO40-520-Minting-of-new-coins-for-Hong-Kong-1974 — Page 33

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Foreign and Commonwealth Office London SW1

The Secretary

HM Treasury

Great George Street

SWI

!

Telephone 01-

930 8440

Your reference

RECEIVED IN REGISTRY No. 51

Our reference

HKK 5/38

20 SEP 1974

Date 19 September 1974

HKK 5/38

Sir,

1. I am directed by Mr Secretary Callaghan to state for the information of the Lords Commissioners of the Treasury that the Governor of Hong Kong has advised him that proposals for changes in the Colony's coinage were approved by the Executive Council on 10 September, 1974, following a comprehensive review of present and future coinage needs in the territory. A copy of the memorandum prepared for the Executive Council (XCC(74)66), with an annexed report by the committee which carried out the review, is enclosed with this letter.

2. The effect of the proposal is to introduce three new coins in denominations of 20 cents, 2 dollars and 5 dollars, the last replacing a currency note. It is also proposed to replace the present 50 cent and 1 dollar pieces with coins of smaller size, the alloy of the 50 cent coin being at the same time changed from copper-nickel to nickel- brass. Specifications for the new range are given in paragraph 65 of the enclosed report. The proposals have been arrived at in consultation. between the Royal Mint and the Government of Hong Kong and are understoo.. to command the Mint's approval in general.

3. It is intended that these changes in the coinage should be phased over the period from August, 1975 to August 1977, adherence to this time schedule being of importance because of considerations of storage space availability. As orders for the minting of the new coins to be introduced in August 1975, viz., the 20 cent and 2 dollar pieces, will need to be placed soon the Governor has asked for the approval of the Secretary of State and the Lords Commissioners of the Treasury for the minting of these two coins, which is required under Section 3 of the Hong Kong (Coinage) Order, 1936, to be given as a matter of urgency. Approval for the other changes proposed will be sought separately.

4. The Secretary of State for Foreign and Commonwealth Affairs for his part is prepared to grant the approval sought by the Governor of Hong Kong and I am accordingly to request that the matter may now be laid before the Lords Commissioners and that Their Lordships' decision on the application be communicated to Mr Callaghan as soon as possible.

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