§ Mr. Matthew BanksTo ask the Chancellor of the Exchequer when he will announce the results of the Royal Mint's consultations about changes to the United Kingdom coinage. [4567]
411W
§ Mr. Kenneth ClarkeIn October 1994, the Royal Mint issued a consultation document seeking views about the possible introduction of a £2 coin for general circulation and on whether the existing 50p coin should be replaced by a smaller coin. In particular, the Royal Mint sought the views of those with special interests such as blind and elderly people and those who handle large amounts of coins and the manufacturers and users of coin-operated machines.
Responses to the Mint showed strong support for the introduction of a £2 coin and also a preference for a smaller 50p coin. I have carefully considered these responses and have now decided to introduce a new smaller 50p coin and a general circulation £2 coin. The new coins will be issued towards the end of 1997.
The new 50p coin will be smaller than the existing one but will be the same colour and shape. The £2 coin will be bicolour with a white centre and yellow outer ring. The precise specifications for the new coins will be issued early in the new year.