§ 16. Mr. Sydney Chapmanasked the Chancellor of the Exchequer if he remains satisfied with the working of the decimal coinage system since its introduction; and whether he has reached any conclusions in his consideration of possible changes in the numbers, sizes, values and metal contents of the coins.
§ Mr. NottYes. As already announced, the future of the 2½p coin will come under consideration early next year and we shall keep under review the demand for an intermediate denomination between the 10 and 50 new pence coins.
§ Mr. ChapmanAs it costs twice as much to mint £1 worth of 2 new pence 1264 pieces as compared with £1 worth of old sixpences, and there is public demand to keep the old sixpenny coin, will my hon. Friend consider keeping the old sixpence as the new 2½ new pence piece and phasing out the 2 new pence piece rather than vice versa, which is the intention?
§ Mr. NottMy hon. Friend knows from the answer given to him on 18th April that it is cheaper to mint the 2½p coin than the 2p coin, but the paramount factor is public demand for various denominations. At present there are almost twice as many 2p coins in circulation as 2½p coins.
§ Mr. Kenneth LewisWill my hon. Friend celebrate his appointment to the Treasury by reintroducing a 50p note, which would lighten our pockets?
§ Mr. NottMy hon. Friend knows from previous answers that the note only has a life of a few months and that one of the principal reasons for introducing the 50p coin is that it has a life of many years. I do not think, therefore, that his suggestion is acceptable.