NEW “SILVER” COINS

Hokitika Guardian, 10 February 1921, Page 3

NEW “SILVER” COINS

_ | ft, A new standard of silver coinage with a laj'ger admixture of alloy, is ready for issue (writes our London correspondent). They will he of the same denominations as the old, but will be a little dimmer in appearance; harder and whiter ,their ring is more metallic. They will have exactly the same token value as the old, but there is a greater depreciation in their intrinsic J worth, owing to he very admixture of j alloy. The difference between the two j issues, as authorised by Parliament, 1 is; Old coinage: 37-40ths fine silver; (

3-40ths alloy. New issue; Half silver and half allov.

Proportions in relative “fineness”; Old coinage .925, new issues .500. Tin* old coinage—which is worth more than its face value —will not, when once paid into a bank, be re-issued. Early this year the mint ceased turning out silver coins, as they could only be struck at a loss. An ounce of metal, costing 7s sd, will make shillings and sixpences of a face value of only 5s fid. The nickel money, however, should actually yield a profit to the Mint. The Gov-

ernment will make an additional profit by recalling the masses of silver coinage now in circulation every ounce of which will be available, for future use with its equal weight of alloy. Not all the original value will bo obtainable, for the life of a half-crown is only 64 years, while a fid piece is only usable for 28 years, owing to loss of circulation by friction.