asked the Minister for Finance whether he will state the total face values of the silver, nickel and bronze coins of the several denominations which he has procured for issue under the Coinage Act, 1926; where he has had such coins minted, the actual base bullion value of the total metal presented for minting; the total charge made for minting (brassage), and the total face value of those coins of the several denominations which (a) he has issued to this date, and (b) proposes or expects to issue up to 31st March next, 30th April next, and 30th April, 1930, respectively.
Ceisteanna—Questions. Oral Answers. - Saorstát Coinage.
The total face value of coins ordered to date for issue under the Coinage Act, 1926, is £750,000. The coins were minted at the Royal Mint, London, and the total cost of the issue will be approximately £249,000, exclusive of freight and insurance. The actual bullion value of the silver employed in the manufacture of the silver coins will be approximately £210,000. It is not possible to give the bullion value of the other metals used in the manufacture of the coins, as their cost is included in the charge for minting. The total charge for minting, including the cost of metals other than silver, will be approximately £39,000.
The total face value of the new coins issued up to the 28th ultimo was £229,700. The balance of the coins will be issued as soon as possible, and any that cannot be issued in the present financial year will be issued early in next financial year.
In view of the figures which he has just read out, will the Minister say how he proposes to secure the £642,000 which he estimated was going to be the profit from the issue of token coins?
I did not estimate that it would be £642,000 on this issue. When I mentioned the sum of £642,000 we thought that it would be necessary to issue about £1,000,000 worth. Subsequent consideration made us believe that probably £750,000 worth would be sufficient, having regard to the fact that there are 10/- notes in circulation, and the profit from the £750,000 worth will be £500,000.
The Minister has adduced as a reason for not issuing coins up to the amount originally intended that 10/- notes are now in circulation——
No.
That is not the excuse.
It is not a question of excuse.
That is not the reason.
No, it is not the reason.
May I put it to the Minister that the real reason for not issuing the million pounds' worth of token coinage now is the fact that the British Government have refused to redeem this currency at its face value, and that, consequently, the Minister would find that he would have a surplus of £250,000 worth of coins?
No. The decision to issue only £750,000 worth had been taken before any serious discussion had taken place with the British Government with regard to the matter.