§ Mr. Jannerasked the Chancellor of the Exchequer what orders he expected to be placed by banks with the Royal Mint for the £1 coins between the dates when those coins became available and 18 July 1983.
§ Mr. Ian StewartExperience from previous issues of new coins suggested a relatively low initial take-up for the £1 coin. In the event the take-up was more rapid than we expected and issues to the banks and public by 18 July 1983 totalled 128 million.
§ Mr. Jannerasked the Chancellor of the Exchequer whether, in view of the limited use being made of the current £1 coin, he will withdraw it from circulation and replace it with a coin more acceptable to the public.
§ Mr. Ian StewartSince the £1 coin made its first appearance six months ago 150 million have been issued to the banks and to the public. This rate of issue is generally satisfactory, particularly given the low demand for coins in the summer months. There are no plans to withdraw the coin from circulation or to replace it.
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§ Mr. Jannerasked the Chancellor of the Exchequer whether, in view of the small drop in the circulation of current series Bank of England £1 notes since the £1 coin appeared, he will consult again with those principally concerned inviting their comments on the form of currency that would be preferred.
§ Mr. Ian StewartExtensive consultations took place before the £1 coin was introduced, and these, together with public expenditure implications, pointed to a £1 unit in the form now adopted. Given the satisfactory progress—taking account of the fall in £1 notes in circulation—so far, further consultations do not seem necessary.