HC Deb 22 February 1990 vol 167 cc861-2W
Sir John Wheeler

To ask the Chancellor of the Exchequer if he will undertake a review of the United Kingdom coinage so as to replace the present bronze 1p

Property sales in 1988
Range of consideration (lower limit)
£0 £10,000 £20,000 £30,000 £50,000 £100,000 £250,000 All values
Region Number1 Value2 Number1 Value2 Number1 Value2 Number1 Value2 Number1 Value2 Number1 Value2 Number1 Value2 Number1 Value2
North 21 98 21 310 21 507 24 910 10 639 2 256 1 415 98 3,135
Yorkshire and Humberside 21 80 39 606 48 1,227 46 1,745 22 1,448 4 513 1 994 182 6,613
East Midlands 21 92 25 375 33 849 50 1,980 36 2,386 6 855 2 1,292 173 7,829
East Anglia 6 15 6 93 6 149 26 1,111 41 2,785 8 1,058 2 1,371 95 6,581
South East 36 67 20 315 27 662 81 3,381 274 19,262 82 11,751 14 10,181 534 45,618
Greater London 30 42 16 231 13 326 25 1,035 167 11,934 60 8,773 14 13,684 326 36,025
South West 21 45 17 252 18 455 66 2,704 98 6,782 23 3,277 4 2,849 247 16,363
West Midlands 26 80 22 323 18 459 47 1,836 38 2,544 9 1,266 2 1,594 162 8,103
North West 40 160 42 643 58 1,460 57 2,192 31 2,083 5 731 2 1,394 234 8,664
Wales 18 69 15 220 26 654 30 1,171 16 1,026 3 416 1 498 110 4,053
England and Wales 240 748 224 3,368 268 6,747 452 18,064 733 50,890 203 28,894 42 34,272 2,162 142,983
1 Thousands.
2 £ million.

Source: Survey of Conveyancing 1988.

and 2p coins with copper-plated pieces; and if he will state the excess cost to the Treasury of providing these denominations in the current metal.

Mr. Ryder

I refer my hon. Friend to the reply that I gave my hon. Friend the Member for Bury, South (Mr. Sumberg) on 6 February, at column540. The excess cost to the Treasury of continuing to provide 1p and 2p coins in bronze as compared with copper-plated steel depends on metal prices and on the number of coins issued, but a reasonable estimate is between £2 million and £4 million a year.

Sir John Wheeler

To ask the Chancellor of the Exchequer when he expects the smaller size denomination of 5p and 10p to be issued by United Kingdom banks; if he has the coinage under review; if he will issue a £2 coin for circulation; what other plans he has for a redesign of the reverse of the coinage; and if he will make a statement.

Mr. Ryder

The new, smaller 5p coin will be issued by the United Kingdom banks in June 1990 and the new, smaller 10p coins will be issued in June 1992. These changes followed a general review of the coinage in 1987. The Royal Mint issued a pamphlet setting out various options for change and the public were invited to comment. The smaller 5p and 10p coins were the options preferred. Aspects of the coinage are always kept under review. £2 coins are issued for circulation from time to time only as commemorative coins. Two versions of the £2 coin were, however, issued last year to commemorate the Bill of Rights in England and the Claim of Right in Scotland. There are no immediate plans to issue a further £2 coin or to redesign the reverse of the coinage.