Distribution Of Coin Sets Explained

Press, Volume CVI, Issue 31121, 26 July 1966, Page 15

Distribution Of Coin Sets Explained

All polished coins in a Cook Island commemorative issue have been sold to both New Zealand and overseas applicants on the basis of three sets a person, and all have been sold at £2 a set or the overseas equivalent, says the Secretary of the Treasury (Mr D. W. Barker), commenting on a letter to the editor of “The Press” by “Numisma,” a correspondent “Numisma” wrote.— Sir, —Corruption is alleged concerning a Cook Islands commemorative coin issue. In April, I questioned the accuracy of published information about our 1965 souvenir sets. The Secretary to the Treasury (Mr D. W. Barker) replied: “All sales, both inters nally and overseas, have been i on the basis of a maximum of three sets a person." Now 1 find that a British magazine, “U.K. Coins,” dated June, 1965, advertised the polished 'coins at 3 dollars (U.S.) or £1 Is a set, with a limit of five sets a customer. In Septemi ber, 1965, the Treasury offered polished sets here at £2. They were soon sold out and are now worth £5. Local dealers can already offer 1965 half-crowns and pennies, available to the public only in the sets, at a considerable premium. Can we be assured that the decimal sets, and particularly the commemorative dollar, will be distributed fairly next year? “Your correspondent, quoting United States advertised prices at three dollars a set or £1 Is, is probably referring to the ordinary uncirculated sets selling in New Zealand at 10s,” says Mr Barker. “With regard to the lower grades of coin, more than 50,000 sets of these coins have been distributed by post (three per person) and no doubt many of these have found their way into the hands of dealers. “No loose 1965 half-crowns and pennies have been issued, but it is known that dealers have opened the enveloped sets and are selling the 1965 i pennies and half-crowns sep- <

arately. These sets are still available at £1 and 10s by postal application to the Treasury, Private Bag, Lambton Quay, Wellington. “A large quantity of selected and ordinary run sets has been allocated for sale to the public through the Post Office, the Bank of New Zealand and trustee savings banks as soon as the final shipment arrives from United Kingdom. This ship was held up by the seamen’s strike. Any sets remaining are being allocated on a limited basis to dealers mainly for overseas sales, but no dealers have yet been supplied by the Treasury. “The same method of distribution is envisaged for the sale of decimal souvenir sets next year. This is considered a fair method,” says Mr Barker.