Revaluation Never Planned For ¼d

Press, Volume CV, Issue 31006, 11 March 1966, Page 10

Revaluation Never Planned For ¼d

(New Zealand Press Association)

AUCKLAND, March 10.

A report that the halfpenny would not be used as a half-cent after the decimal changeover contained certain incorrect inferences, the Under-Secretary of Finance (Mr Muldoon) said in Auckland today.

“It is true that the Cabinet decided that, although no half-cent would be provided, the halfpenny would be allowed to continue in circulation as a half-cent until no longer required,” said Mr Muldoon.

“This wording has been interpreted as being a revaluation to 0.6 d. A subsequent Cabinet meeting was asked to confirm that this was not intended by dropping the words ’as a half-cent’ from the decision.” Mr Muldoon said a coin could have only one legal value.

The halfpenny would be used throughout the transitional period in sterling transactions.

“Halfpennies will be accepted in decimal transactions on a basis of mutual agreement between buyer and seller, as will pennies. “Retailers in Australia are accepting odd pence rather than lose good-will by sticking to the exact, equivalent.

“It is now clear that a threepence will be correctly converted according to the conversion table to two cents and that no half-cent will be required. “This conversion by the table has been carried out throughout the Australian change-over with complete acceptance by customer and retailer alike.

“Exceptions have been pinpointed by newspapers, and the adverse reaction has immediately affected the goodwill of those concerned,” Mr Muldoon said.