asked the Minister for Finance whether he is aware that pre-1940 Irish currency is being melted down because of its high silver conversion value; if he has received any reports of this; and if he will take steps to have such currency called in.
Ceisteanna—Questions. Oral Answers. - Pre-1940 Irish Currency.
13.
I have seen reports in the press that Irish silver coins are being bought at prices above their face value for melting down. I am advised by the Central Bank, however, that there is no evidence that this is being done on a large scale. The melting down of Irish coins without a licence from the Minister for Finance is an offence carrying a penalty of up to two years imprisonment. The Central Bank has for a number of years been actively withdrawing silver coins from circulation.
Do these reports suggest that the melting down is going on outside the boundaries of the State?
One particular report does suggest that but I should point out that it is an offence in Britain also, and I would not believe that any reputable firm in Great Britain would undertake to melt down these coins. In fact, we know of some firms which have refused to accept coins for this purpose because of the illegality concerned.
Would it be practicable to withdraw the coins?
Most of the coins have been withdrawn.