Earl of Dalkeithasked the Chancellor of the Exchequer what is the total weight of copper and nickel, respectively, involved in the production of the 50p coins that have been minted to date.
§ Mr. TaverneApproximately 1,410 tons of copper and 470 tons of nickel are contained in the 50p coins minted up to 31st October.
Earl of Dalkeithasked the Chancellor of the Exchequer what percentage of the raw material for the 50p coins was provided by melting down other coins withdrawn from circulation ; and what proportion had to be imported.
§ Mr. TaverneApproximately 30 per cent. of the metal used by the Royal Mint during 1969 in the production of cupronickel coin was derived from withdrawn U.K. coin. It is not possible to say how much of this was used in the manufacture of the 50p coin.
Earl of Dalkeithasked the Chancellor of the Exchequer what was the delivered price per ton for the copper and nickel, respectively, that was imported for the minting of the 50p coin.
§ Mr. TaverneThe average prices paid by the Royal Mint for copper and nickel imported during 1969 are respectively approximately £546 and £940 per ton. The cost of the metals used in the 50p coin would be roughly the same.
Earl of Dalkeithasked the Chancellor of the Exchequer in view of the current world shortage of nickel what is the present melting value of the 50p coins that have already been minted, based on present-day import prices ; and how this compares with the price paid for the raw material when imported.
§ Mr. TaverneThe metal costs of different U.K. denominations are not separately identifiable. The average price paid for the imported metal content of U.K. cupro-nickel coins was approximately £640 per ton. The present melting value is perhaps about twice this figure.
Earl of Dalkeithasked the Chancellor of the Exchequer what percentage of the 77W nickel used in the minting of the 50p coins was imported from the Union of Soviet Socialist Republics and Canada, respectively.
§ Mr. TaverneIt is not possible to identify the origin of the metal contained in particular coins struck by the Mint. Since 1st January, 1969 approximately 40 per cent. of the nickel used in the manufacture of cupro-nickel coins was imported from Canada, 10 per cent. from semi-manufactured material purchased from a United Kingdom supplier and 50 per cent. came from scrap coin from various sources.
Earl of Dalkeithasked the Chancellor of the Exchequer whether he will undertake to mint only a limited number of coins of new design for testing public reaction before starting on large scale production.
§ Mr. TaverneNo.
Earl of Dalkeithasked the Chancellor of the Exchequer how many half-crowns, florins, 50p coins and 10p coins, respectively, he estimates are in circulation at present.
§ Mr. TaverneApproximately 126 million 50p coins had been issued by the Mint up to 31st October. The rough estimate of the circulation of half-crowns, florins and lop coins at this date was respectively, 248 million, 597 million and 390 million.
Earl of Dalkeithasked the Chancellor of the Exchequer whether he will invite all banks within the United Kingdom to give him a report of the number of 50p coins they are holding within their premises on 1st January 1970.
§ Mr. TaverneBanks in England and Scotland already furnish returns showing their holdings of coin on the first Wednesday of each month. They have been asked to show the 50p separately in these returns from January next.
Earl of Dalkeithasked the Chancellor of the Exchequer how many decimal coins of each denomination it is planned to mint during each of the next 10 years.
§ Mr. TaverneApproximately 4,000 million decimal coins, mainly bronze, will be stockpiled for issue from D-day.78W Otherwise minting will take place according to demand.
Earl of Dalkeithasked the Chancellor of the Exchequer how many 50p coins a British resident is permitted to take out of the country when travelling as a tourist without any other currency or travellers cheques.
§ Mr. TaverneThe Exchange Control Act does not prohibit the carrying of coins, other than gold coins, by a traveller but it does control the use to which they may be put. A traveller may therefore carry as many 50p coins as he wishes but they may not be used for making payments to non-residents or for exchanging into foreign currency. In any case foreigners will not normally accept British coins in payment for services and exchange offices will not always accept coins or give the best rate for them if they do.
Earl of Dalkeithasked the Chancellor of the Exchequer what is the current purchasing power of a ten shilling note in real terms as compared with 1st November, 1964.
§ Mr. TaverneTaking the internal purchasing power of a ten shilling note as 10s. Od. in November, 1964, its value in September, 1969, the latest date for which information is available, is estimated at 8s. 3d.
This estimate is based on changes in the Consumer Price Index for calendar years adjusted by movements in the Retail Price Index for the months at the beginning and end of the period.
Earl of Dalkeithasked the Chancellor of the Exchequer what does he estimate to be the cost of setting up special equipment to detect forged 50p coins ; and how many persons he estimates will be involved in such detection work.
§ Mr. TaverneThe Mint is already equipped to examine counterfeits both of United Kingdom coins and of coins of its overseas clients.
Earl of Dalkeithasked the Chancellor of the Exchequer whether he will introduce a 20 new penny coin ; and whether he will publicise details of its size, shape, colour and weight in advance of distribution date.
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§ Mr. TaverneAs stated in the White Paper "Decimal Currency: The Changeover ", published last January, a 20p coin could be issued after the change-over if there were a demand. It would be possible to publish details of its specification well in advance of issue, as was done with the 50p coin and all other decimal coins.
Earl of Dalkeithasked the Chancellor of the Exchequer, whether he will replace the present 10s. note with a 50 new penny note in paper.
§ Mr. TaverneI would refer the hon. Member to the answer I gave earlier today to the hon. Member for Richmond, Surrey (Mr. A. Royle).