§ Mr. Lewisasked the Chancellor of the Exchequer if he will make a statement on the Government's decision to mint golden sovereigns; how much in £ sterling is to be minted into sovereigns; and why, in view of the fact that these are not to be put into circulation, the Government are going to the expense and trouble of having these sovereigns minted.
§ Mr. PowellI have nothing to add to the statement issued on 14th January, which is as follows:
Minting of Gold Sovereigns
Following the previous mintings of gold sovereigns in 1949 and in the winter of 1951–52 the Royal Mint is, once more, to undertake a run of gold sovereigns, which will begin this month. It will afford experience to the Mint's workmen in this rather specialised craft, which requires a different technique from coining in other metals and greater precision of workmanship. The coins will be as prescribed in the Royal Proclamation in October, 1953, with the Queen's Effigy on the obverse and the George and Dragon with the date 1957 on the reverse. The sovereigns will be retained in the nation's gold reserves, part of which it is convenient to hold in this form, and will not be issued either for circulation or to collectors, except for a very small number for the national coin collections. The run on this occasion will be larger than on either of the previous two, in order to get the maximum benefit from the operation.