New silver coins have been issued by the Royal Mint to the face value of £465,000, namely, half crowns, £190,000; florins, £140,000; shillings, £80,000; sixpences, £55,000.
§ 38. Mr. W. THORNE
asked the Chancellor of the Exchequer the difference in silver of the five kinds of currency, dated 1920, which have been withdrawn from circulation and the six kinds of new silver currency which have recently been made and circulated; and the amount of profit that has accrued to the Government from the new money?
The changes recently announced related to the design of silver coins and not to their silver content. The standard fineness of the coins has not been changed since 1920, when it was fixed by the Coinage Act at 500/1,000ths. of fine silver, having previously been 925/1,000ths. In reply to the last part of the question, there has been no net profit on the silver coinage in any year since 1921, the gain on reeoinage being not quite sufficient to defray the cost of redeeming surplus silver. A similar result is anticipated in 1928.
§ Mr. W. THORNE
May I ask whether one of the reasons for calling in the coinage of 1920 was that there was more silver in the coinage then, and whether that coinage has been melted up and a less valuable metal used in the new coinage?