§ 60. Mr. Longdenasked the Chancellor of the Exchequer if he is aware of the black market in the silver of old coins; and what he intends to do about it.
§ Mr. Glenvil HallI have seen isolated reports in the Press both that old silver coins and that silver coins of recent years are being bought at a premium for the purpose of melting into bullion. Careful inquiry has failed to disclose any trace of such transactions, which are in themselves improbable. Apart from other impediments, the face value of either type of coin is much above the price of a like quantity of uncontrolled silver. I would add that the melting down of such coin is an offence for which heavy penalties are provided.
§ Sir F. SandersonWill the Minister make it abundantly clear that anyone hoarding silver or other coins is doing a disservice to the country, and will he do everything possible to prevent it in order that industry may have the necessary small change to pay weekly wages?
§ Mr. Glenvil HallYes, Sir. We would like to feel that what the hon. Gentleman has said is generally understood.
§ Mr. LongdenAre not the Government withdrawing silver for its intrinsic value?
§ Mr. Glenvil HallI could not hear a word of that supplementary question.
§ Mr. LongdenAre not the Government withdrawing silver for its intrinsic value as against its face value?
§ Mr. Glenvil HallThe Government are withdrawing the old coinage in order to take out of it the silver content which is there That is quite a different thing from melting down coins in order to sell it as bullion. The present silver price is nothing like the present face value of the coin.