31. Earl of Dalkeithasked the Chancellor of the Exchequer what is the comparative cost of printing 126 million 10 shilling notes and minting 126 million 50 pence coins, including materials and distribution costs.
§ Mr. William RodgersThe note costs considerably less than the coin to produce. But the coin has a life of about 50 years against about five months for the note. If the once-for-all cost of the coin is compared with the recurrent cost of the note over the life of the coin, the coin is much cheaper.
Earl of DalkeithWhy are the Government so averse to giving the public a choice between notes and coins, as is the case in every other European country where there are coins of a denomination as high as this?
§ Mr. RodgersThere is a considerable saving for the taxpayer here, and, though I understand the problems which have arisen with the new coin, I hope very much that they will be overcome.
§ Mr. DempseyIf this coin is much more economical than the 10s. note, why did not the Government get rid of the £1 note on the same basis?
§ Mr. RodgersI think that my hon. Friend slightly misrepresents what I said. I said that there was an economy in having a 50p piece instead of a note.
32. Earl of Dalkeithasked the Chancellor of the Exchequer whether, in view of the fact that only imperfectly forged 50 pence coins are likely to be brought to the notice of the police, he will invite banks throughout the country to return sample coins to the Mint for expert checking at regular intervals.
§ Mr. William RodgersNo, Sir.
Earl of DalkeithDoes the hon. Gentleman accept that there is any forgery risk against which he should be taking steps to safeguard the public?
§ Mr. RodgersCertainly there is some risk, but it should not be exaggerated.
§ Mr. Arthur LewisIs my hon. Friend aware that in the East End of London the police have already issued statements to the effect that there are forgeries of these coins circulating in the area, and they are asking the public to be careful? Will he see if some steps should not be taken to safeguard the public?
§ Mr. RodgersI will look at that, but I think that it is a matter for my right hon. Friend the Home Secretary.