HC Deb 17 February 1898 vol 53 cc864-5
SIR HENRY HOWORTH (Salford, S.)

I beg to ask Mr. Chancellor of the Exchequer, if his attention has been called to a recent regulation issued by the Bank of England, in virtue of which it refuses to receive worn or light silver; if he is aware that this regulation has caused considerable inconvenience to country bankers and to the public, who find it difficult to dispose of light silver; and, if, considering the large profit made by the Mint in coining silver money, he can see his way either to advise the Bank of England to withdraw the regulation in question or to charge the loss involved to the Mint?

THE CHANCELLOR OF THE EX-EXCHEQUER

I understand that, pursuing a practice of many years' standing, the Bank of England accepts worn silver coins, provided that they can be identified as English coins of current issues. These worn coins are separated from those waiting reissue, and are sent to the Mint from time to time for re-coinage, the loss in weight being made good from the Mint Vote. The hon. Member is, therefore, misinformed when he talks of a regulation in virtue of which the Bank refuses to receive worn silver. It is probable that he refers to a somewhat more stringent practice with regard to the reception of defaced coin, which was temporarily adopted, but is, I understand, no longer in force. There is no disposition to be unduly rigid in this respect, but it is obvious that it is not the business of the Bank or of the Mint to accept freely defaced coin, which is not legal tender under the Coinage Acts, or to encourage laxity on the part of the public in their treatment of coin in circulation.