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8.5(4)
The figures below provide a guide to the intrinsic value,
at end-1976 prices, of the precious metal coins so far issued by certain of the dependencies. The working figures are incomplete and certain assumptions have also had to be made, eg, the implementation dates of the amended specifications. Where proposals for the 1977 programme are known these have been included. Since the percentage figures apply only to precious metal coins they cannot be taken as a
proportion of total numismatic issues. No account, therefore, has been taken of those base metal coins included in the standard "proof
sets".
TABLE 1
Bullion content as a percentage of face value see also Annex
4(4)7
(end-1976 prices) Gold $135 per troy oz. Silver $4.35 per troy oz.
Territory
Period
Gold (%)
Silver (8)
Belize
1975-76
44
Bermuda
1975-77
30
28
Cayman Islands
1972-76
59
28
Falkland Islands
1973-77
1,850
425
Gibraltar
1975
72
1977
1
850
Solomon Islands
1977
34
67
Turks and Caicos
Islands
1974-77
54
24
Tuvalu
1977
117
67
I
8.5(5) In those instances where a territory has been involved in
numismatic programmes over a period of years, these figures do not
reflect the initial relationship envisaged between bullion content and face value, because of the sharp rise in prices. In their contracts
with US companies, the Cayman Islands and the Turks and Caicos Islands (the only two for which sufficient data are available) have agreed to specifications where the value of the silver and gold content has at the time of contract been as low as 10% and 18%, respectively. Coins promoted by the Royal Mint have a far higher bullion content than
those of the US companies although, as is shown in Section 8.7, the
pricing policy takes full account of this. However, we do not know
to what extent the bullion value/face value ratio is taken into
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