§ Mr. Pavittasked the Chancellor of the Exchequer what measures have been taken to ensure that the value of silver in current United Kingdom coins minted before 1947 accrues to the Exchequer.
§ Mr. Harold LeverSince the end of the last war the Royal Mint has had a silver recovery programme aimed at recovering this silver for the benefit of the Exchequer. Currency decimalisation offers the opportunity to speed this process. The Gold and Silver (Export Control, etc.) Act, 1920, prohibits the melting of gold or silver current United Kingdom coin except under licence granted by the Treasury. In practice such licences are not granted. An Order has been made by the Board of Trade—the Export of Goods (Control) (Amendment No. 3) Order 1968—imposing with effect from Tuesday, 4th June, next licensing control on the export of United Kingdom silver alloy coins minted before 1947, other than coins exported in a quantity not exceeding 10 in number. This Order is directed against the export of coins to be melted down overseas. At a later date I propose to seek powers to prohibit the melting down in the United Kingdom of demonetised coins except by or with the authority of the Treasury.