§ Sir A. Pownallasked the Chancellor of the Exchequer whether his attention has been called to the large issues of pennies by the Mint in recent years; what is the estimated amount now in circulation in the United Kingdom; and whether he has considered the advisability of restricting further issues?
§ Sir K. WoodYes, Sir. Since the beginning of 1935 the Royal Mint has issued £2,093,235 in pence including some small issues to the Colonies. The total amount of pence now in circulation in the United Kingdom is estimated to exceed176W £7,500,000, and having regard to the large issues of recent years and to the urgent need for economy in the consumption of metal and labour it has been decided that the Mint will not normally accept further requisitions for the issue of new pennies for the time being. As compared with the average amount of metal used for the coinage of pence since 1935 the effect of this decision will be a saving of 823 tons per annum in the amount of imported copper used by the Royal Mint. I should add that all reasonable requisitions for farthings, halfpence and threepences will continue to be met. The new nickel bronze threepences which are still in short supply are more economical coins to produce and their continued issue will permit their more general use by the public where amounts of more than 2¾d. are required.