TNAG-0765-FCO40-969-Minting-of-coins-for-Hong-Kong-1978 — Page 71

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physical currency, and which can be established by the deposit of physical currency with such institutions. Bank money is not legal

tender.

Proof Coins

Coins struck from highly polished dies. They usually have a mirror-like or frosted surface and are of the highest quality.

Proof Set

A set of one proof coin of each current denomination issued for a specific year.

Redemption

In the report a distinction is drawn between the redemption and exchange of currency. A coin is considered redeemable if the

holder has the right in law to demand payment at a given rate in foreign

currency from the issuing authority. This is independent of the

authority's obligation to exchange coins (i.e. make payment in domestic

notes and/or coins, of a new or current series of equivalent nominal

face value, i.e. on a one-for-one basis) if they should cease to be

legal tender.

Specifications

Coin specifications are normally expressed in terms of

1. Metal type (gold, silver, etc.).

2. Fineness i.e. the degree of purity of the precious metal.

3. Total weight (in grains or grammes

480 grains or 31.10348 grammes).

4. Diameter.

one troy ounce equals