§ Mr. Kenneth Bakerasked the Chancellor of the Exchequer if he can now say when the decimal currency transitional period will be brought to an end ; and what arrangements are to be made about the shillings and pence coins which are still in circulation.
148W
§ Mr. HigginsThe Decimal Currency Board, having consulted a wide variety of representative organisations, has recommended that the transitional period should be ended on 31st August, 1971.
We have accepted this recommendation, and, accordingly, an Order has today been laid before both Houses of Parliament under Section 16 of the Decimal Currency Act, 1969, providing that the transitional period shall end with 31st August, 1971.
As regards coins of the old currency, my right hon. Friend proposes to advise Her Majesty the Queen to issue a Royal Proclamation under Section 15 of the Decimal Currency Act, 1969, to redesignate the crown, the double-florin, the florin, the shilling and the sixpence respectively as being 25p, 20p, 10p, 5p and 2½p. The threepence and the penny of the old currency will cease to be legal tender after the end of the transitional period.