HC Deb 29 March 1928 vol 215 cc1336-7
36. Mr. DAY

asked the Chancellor of the Exchequer the amount of new coinage that has been issued by the Treasury since 1st January, 1928, giving the particulars with regard to each coin?


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.


When is the balance of the issue that was announced by the Chancellor of the Exchequer expected?


When the public calls for it.

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the Chancellor of the Exchequer the difference in silver of the five kinds of currency, dated 1920, which have been withdrawn from circulation and the six kinds of new silver currency which have recently been made and circulated; and the amount of profit that has accrued to the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.


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?


I would not put it in that language, but that is pretty well correct.

Lieut.-Commander KENWORTHY

Debasing the coinage.


Robbing the people wholesale.