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and numismatic coins; and in Belize, Bermuda and the Cayman Islands
the legislation dealing with currency makes no special reference to
the latter category (for a full analysis see Section 8.13).
5. THE NUMISMATIC COIN MARKET AS IT CONCERNS UK DEPENDENT TERRITORIES
How the market evolved
5.1
The demand for coins by collectors has increased enormously during the last decade, stemming partly from increased interest in
numismatics as such but much more significantly from the increasing
attention paid by investors to coins with high intrinsic value.
5.2
Prior to the mid-1960s interest was directed mostly towards
the traditional categories of ancient, medieval and rare modern coins,
and it is apparent that by this stage demand was far outpacing supply.
Few countries issued numismatic coins on a regular basis and special
issues were restricted mainly to the commemoration of exceptional
events (eg, the Coronation crown, etc.).
5.3
It soon became clear to a number of commercial enterprises
that, if countries could be induced to make regular numismatic issues,
there was a market which would readily absorb them. The newer and
smaller territories, in particular, and their leaders were not slow
to appreciate the additional funds that could be generated from this
source; but, as the market for the coins lay for the most part outside
the country of origin (it has largely been created and exploited in
North America) the issuing territories had to rely on the sophisticated
marketing systems that were being developed by specialist promotional companies, which also undertook to handle most or all aspects of the coins' production, sales,distribution, etc. Business also grew out
of the increasing number of newly independent countries. About 24 new
Commonwealth states emerged in the 1960s. This was based on the
traditional marking of a new issue of coinage with a proof set (cf. UK
in 1927, 1937, 1953), and the practice drew also on the UK examples
of special crowns (Churchill, Coronation, etc.). As the coins now being produced were, obviously, of limited historical interest, the attraction lay in the standard of production; while "mass-produced" coins continued to be put into circulation in the traditional way for
normal use in their country of origin, the numismatic market was increasingly supplied with "uncirculated" and "proof" coins, frequently
struck in precious metals. For the year ending June 1976 one company alone (Paramount Coin Corporation) managed 34 coin programmes for some
25 countries. Annex 5 contains details of the principal mints and
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