CONFIDENTIAL
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10
For discussion
on 10th September 1974
Introduction
XCC(74)66
Copy No.3...
MEMORANDUM FOR EXECUTIVE COUNCIL
REVIEW OF HONG KONG'S COINAGE
RECEIVED IN REGISTRY No. 1
17 SEF 1974
HKK 5/38
A committee appointed by the Financial Secretary has reviewed Hong Kong's coinage and made proposals for changes which are summarised in this memorandum. The Committee's Report is annexed.
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The committee considers that criticism of the present coinage in two respects is justified. First, the one dollar coin is too large and heavy in relation to its value; and secondly, the existing range of denominations is insufficient.
A proposed new coinage
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Theoretical considerations and experience elsewhere suggest that it would be useful to the public, and reduce the cost of the coinage, if a 20 cent, a $2 and (to replace the $5 banknote) a $5 coin were added to the existing range.
4
It would not be possible simply to add new round coins to the existing range while preserving a progression of size with value, ensuring adequate distinguishability to eye and touch between one denomination and another, and keeping within acceptable size limits. And it is not practicable to introduce a whole, completely redesigned range of coins all at one time; so new denominations would have to circulate alongside existing coins for some time. It is proposed, therefore, that the necessary distinguishability be provided by shaping the edges of the new denominations. Never- theless, as it is desirable that some changes to the existing range should be made in due course, in order to reduce the size and weight of the larger coins, specifications for the full new range of coins need to be decided at the outset. The committee's proposals for diameter and shape are summarised in a table in paragraph 53 of the report.
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The committee has also considered other aspects of the specification of the new range of coins. It recommends that:
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