SILVER COINAGE
SUPPLY IN AUSTRALIA. SHIPMENT FOR NEW ZEALAND. SYDNEY, June 1. Considerable intei’est was aroused in the proposal that Australia should s e nd la shipment of silver coins to New Zealand, for it was feared in some quarters that this would seriously deplete the coin in circulation in the Commonwealth. However, there are no grounds for fears in that connection, as Australia hag tall the coin it needs. The amount of silver coins on issue to the public at present is:—Florins, £3,904,000; shillings, £1,837,300; sixpences, £861,500; threepences, £823,300. In addition, the value of copper coinage in circulation comprises £333,_ 163 worth of pennies and £117,985 worth of half-pennies. The total | coinage in circulation is thus £7,877,j 648. This is ample for present requirements and ffhe only period at which there is an increase is Christmas. Even then the increase is largely confined to copper coins. The coin to He shipped by the Commonwealth Bank through the Treasury will be worth £50,000 and will hardly be missed b\ Australia. New Zealand has always used English coins and it is.of interest to note that the Australian shilling contains 924 per cent, of silver and the English only 50 per cent., hut each coin is merely a token, and cannot he regarded as “real money.” The silver viable of . the Australian shilling i,s about 2-',d and that of the English shilling even l r ss, yet th, e purchasing power of the English shilling is about l.s 3d by comparison with the Australian shilling.
When the rate of exchange was at par in New Zealand and Great Britain, and varied from 25 to 30 per cent, in Australia, enterprising Australians c-ot together all the English coinage they could find and disposed of it- in
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Hokitika Guardian, 15 June 1933, Page 2
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293SILVER COINAGE Hokitika Guardian, 15 June 1933, Page 2
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