§ Mr. Dudley Smithasked the Chancellor of the Exchequer what is the current real value of the sixpence as compared with the beginning of decimalisation.
§ Mr. Denzil DaviesBetween February 1971 and November 1976, the internal purchasing power of the pound fell by approximately 53½ per cent. Therefore, in November 1976 the sixpence—2½p—had purchasing power approximately equivalent to 1.2p on decimalisation day.
§ Sir D. Kaberryasked the Chancellor of the Exchequer (1) what is the current estimated cost of minting and issuing 1 million and 10 million of the old sixpenny coin, now 2½p;
(2) what is the cost of minting and issue of 1 million and 10 million of the current ½p piece.
§ Mr. Denzil DaviesIt would be undesirable for commercial reasons to publish the costs of production.
§ Sir D. Kaberryasked the Chancellor of the Exchequer what are his future plans for the continued issue and use of the old sixpenny coin, now 2½p; and how many are estimated to be currently in circulation.
§ Mr. Denzil DaviesNo early decision on the future of the 2½p coin is likely. The position is being kept under review. The number in active circulation is not known, but there are estimated to be about 180 million outside the Mint.
§ Sir D. Kaberryasked the Chancellor of the Exchequer how many half new-pence coins are now estimated to be in circulation; and what are the plans for the future issue and circulation of this coin.
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§ Mr. Denzil DaviesThe estimated circulation is approximately 2,000 million. There are no plans for changing existing issue arrangements. This denomination is in continuous demand from the Royal Mint and plays an important part in price shading.
§ Sir D. Kaberryasked the Chancellor of the Exchequer what is the value as at the latest available date of the half new-pence piece in terms of the old penny coinage, compared with its value when first introduced on decimalisation.
§ Mr. Denzil DaviesBetween February 1971 and November 1976, the internal purchasing power of the pound fell by approximately 53½ per cent. Therefore, in November 1976 the new half-penny—1.2 old pence—had internal purchasing power equivalent to 0.6 old pence on decimalisation day.
§ Mr. Stephen Rossasked the Chancellor of the Exchequer whether he has any proposals in mind to withdraw the ½p and 2½p coin from circulation.
§ Mr. Denzil DaviesThere are no plans to withdraw either coin but the position of the 2½p is being kept under review.