I move that the Bill be now read a Second Time.
The purpose of the Bill is to amend the Coinage Act, 1950, so as to authorise the issue by the Central Bank of a special silver coin on the occasion of the 50th anniversary of the Rising of Easter Week, 1916.
The obverse of the coin will bear a portrait of Pádraig Pearse, the reverse a representation of the Cuchulainn statue in the General Post Office. Both designs will be on a concave surface. The coin being thicker at the rim than in the centre will have a dish effect. The edge of the coin will bear the inscription "Éirí amach na Cásca, 1916".
The Schedule to the Bill sets out the denomination, weight and composition of the new coin. I am advised by the Central Bank, however, that tests of samples have shown that it will be necessary to amend the figures for standard weight. I will be introducing an amendment at a later stage when the figures for weight are finally settled. The design and diameter, 1.2 inches, will be prescribed by regulations to be made by me under the 1950 Act. The denomination of the new coin will be 10/- and it will be legal tender for payment of amounts not exceeding £5. This compares with the legal tender limit of £2 for cupro-nickel coins.
The Central Bank will arrange for the coins to be available in all bank offices in the State on Tuesday, 12th April, 1966. It is proposed to make sufficient coins available to meet the demand. Supplies of a polished proof coin in a leather case will be available some time later for collectors both here and abroad.
Special coins are frequently issued to commemorate great historical events. It is appropriate that the first issue of a special coin by the Irish Government should be the occasion of the 50th anniversary of the 1916 Rising. I commend the Bill to the House.