CONFIDENTIAL
-
- 22 -
The old 10 cent coin was made legal tender in February 1949, the old cupro-nickel 50 cent coin in July 1951, the old dollar coin in December 1960 and the old 5 dollar coin in August 1976. It would be reasonable to assume that because the 10 and 50 cent coins have been
in circulation for a longer period than the other withdrawn coins, that their wastage rate would be higher. This would account for the lower percentage of old 50 cent coins withdrawn compared to the old 1 dollar and 5 dollar coins. As can be seen an even smaller
proportion of the old 10 cent coins has been returned and due to the length of time since it first became legal tender it is likely that at the end of the day the proportion returned will be smaller than for all the other demonetized coins.
10 March 1988
Monetary Affairs Branch Government Secretariat
ি
(D.A.C. Nendick)
Secretary for Monetary Affairs
CONFIDENTIAL
No comments yet.
Private notes are available after approval.