§ Mr. SpellerTo ask the Chancellor of the Exchequer how many new coins he intends to approve before December 1992; and what estimate he has of the cost involved in adapting, replacing or scrapping coin-operated machines.
§ Mr. MaplesThe Royal Mint has recently consulted the vending industry about proposals to issue United Kingdom 1 p and 2p coins in copper-plated steel rather than bronze, as at present, because the cost of producing the coins now exceeds their face value.
After careful consideration of the industry's response, my right hon. Friend has decided that copper-plated coins should be introduced from September 1992. The plated 1p and 2p coins will have the same weight, diameter and design as the existing coins and will circulate alongside them. I am placing an assessment of the cost to the industry in the library.
Following the consultation exercise carried out by the Royal Mint in 1987, the then Chancellor of the Exchequer announced that a smaller 10p coin would be introduced in 1992. The Chancellor has decided that this coin should also be introduced in September 1992, at the same time as the copper plated 1p and 2p coins, to minimise the cost to the vending industry.