§ Mr. Lubbockasked the Chancellor of the Exchequer if he will publish in the OFFICIAL REPORT a table showing the estimated value of the metal and the face value, respectively, of all silver coins in circulation, giving separate figures for the sixpence, shilling, florin and half-crown; and if he will advise Her Majesty to call in these coins by Royal Proclamation under section 11 of the Coinage Act, 1870.
§ Mr. Harold LeverThe following table gives the information requested for silver alloy coins minted before 1947; since that date "white" coins have been manufactured from cupro-nickel alloy. The figures are subject to a considerable margin of error because it is not possible to calculate exactly the number of coins that have been lost or exported.
71W
Estimated face value £ million Estimated metal value £ million Sixpence … 2.2 4.0 Shilling … 3.1 5.6 Florin … 7.5 13.4 Half-crown … 2.1 3.8 Total … 14.9 26.8 Silver coins are at present withdrawn from circulation under the silver recovery programme which will be continued as long as it remains economic. Currency decimalisation will enable the rate of recovery of silver to be accelerated because halfcrowns and sixpences will be returned (whether silver or cupro-nickel) to the Royal Mint for sorting and melting down as the date of their demonetisation approaches. It is proposed to demonetise the halfcrown on the 1st January, 1970, and the sixpence at an appropriate date after D Day.
Demonetisation (calling in) now of all silver alloy coins minted before 1947 would be impracticable, because the banks would either have to separate all silver from cupro-nickel coins themselves before issuing any of the latter, or return all white coins received from the public to the Royal Mint for sorting before the cupro-nickel could be re-issued. This would place an additional strain on the Mint and the banks at a time when they were preparing for decimalisation.
An Order was recently made under which an export licence is required for the export of silver coins other than in a quantity not exceeding ten in number and the Government intends to seek powers to prohibit the melting down in the United Kingdom of demonetised coins except by or with the authority of the Treasury. It is already illegal to melt current coin without such authority.