asked the Minister for Finance the number of punt notes which are put into circulation each year; the cost of this issue of notes each year over the last five years; the amount which would be saved over the next ten years by replacing the punt note by a punt coin; if no such estimate exists, if he will arrange to have one made; and if the estimate shows substantial savings, if he will replace the punt note by a punt coin.
Written Answers. - Punt Notes.
109.
An average of 61 million new one pound notes was issued into circulation each year in the period 1983 to 1987.
The direct cost of issuing these new notes was approximately £650,000 per annum.
The Government are considering the issue of a one pound coin and, to provide for this, have included a suitable amendment to existing legislation in the Central Bank Bill, 1988. It is estimated that, depending on size and composition, the initial costs of issuing a one pound coin could be recouped within 5-7 years of issue, after which annual savings in the order of £0.5 million could accrue.