§ 31. Lieut.-Colonel Liptonasked the Chancellor of the Exchequer what profit will accrue to the Exchequer from the minting of 4 million crown pieces.
§ Mr. Boyd-CarpenterThe coins are legal tender and the Mint must redeem them at face value if presented. No question of profit in the ordinary sense therefore arises.
§ Lieut.-Colonel LiptonThe Financial Secretary deliberately misunderstands the Question. Does he realise that it costs a certain amount to mint these coins? What is the difference between the cost of the labour and materials involved in the minting of these crown pieces and their face value?
§ Mr. Boyd-CarpenterIn the case of coinage which carries with it a right of redemption, the cost of production is not a material factor in assessing whether there is any profit. What is produced is a coin which can be retained in currency, generally speaking, at the option of the holder, and it is, therefore, quite unrealistic to talk of profit in this connection.
§ Mr. BellengerIs not the hon. Gentleman aware that most of these crown pieces will not be redeemed and that, therefore, the Treasury will presumably make a handsome profit?
§ Mr. Boyd-CarpenterIt has been our experience with similar coins that in due course they all come home to roost.
§ Mr. W. R. WilliamsIn view of the serious allegations contained in Question No. 11, would it not be much more serviceable to mint shilling pieces than these coins?
§ Mr. Boyd-CarpenterI think that when the hon. Member reads, as I hope he will, my answer in the OFFICIAL REPORT, which will come as a result of his hon. Friend not being here to put the Question, he will be quite happy about that.