CHEAP METAL

Evening Post, Volume CXIV, Issue 125, 23 November 1932, Page 9

CHEAP METAL

NEW FRENCH COINAGE

Will silver coins of 10 and 20 francs come into circulation in France in 1933? asks the "Manchester Guardian." The Stabilisation Law of June, 1928, prescribed the withdrawal of 5, 10,, and 20 franc Bank of France notes and their replacement by silver.coins of 10 and 20 francs before the end of 1932. It appears that only 1,300,000,000 francs'.worth of silver has been minted as against 3,000,000,000 francs of small notes now in circulation, The question arises whether the notes should be withdrawn until a sufficient amount of coins has been minted! The Government is anxious to put its present stock of coins into circulation as soon as possible. It bought the silver cheap, and the Budget and Sinking- Fund -will mate a profit of 900,000,000 francs on the 1,300,000,000 francs already minted. They cannot afford to- lose such an important item of revenue. Many Frenchmen who remember the pre-war silver coinage will no doubt receive a shock when they see the new ten-franc coin, which will be no larger than the old two-franc piece. It will be the most tangibl" and most conclusive proof of all that the franc is worth only one-fifth of its former value. It is not certain that, even apart from this, the new coins will be welcomed. The French have become thoroughly accustomed to the notes, which are now claimed to be handier than, silver coins. Besides it is argued that there are already too many coins in circulation the aluminium one and two franc pieces, and all the small change of aluminium, nickel, and copper from 50 centimes downward. The creation of two or three more coins will only add to the confusion. Meantime-the''new "Peace" stamps, showing a lady with an olive branch in her left hand, have been printed, and are already being widely used. It is generally agreed that they are the worst designed and worst printed postage stamp which France has ever had. - .