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Decimalisation: 50th Anniversary: £5 one-off design coin issue

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A decision made on 27 November 2020

Decision Reference:  MD-TR-2020-0145

Decision Summary Title:

50th anniversary of Decimalisation £5 – one-off design coin issue

Date of Decision Summary:

20 November 2020

Decision Summary Author:

Advisor – Fund Administration, Treasury and Investment Management

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

50th anniversary of Decimalisation £5 – one-off design coin issue

Date of Written Report:

19 November 2020

Written Report Author:

Advisor – Fund Administration, Treasury and Investment Management

Written Report :

Public or Exempt?

Public

Subject: Approval of the 50th anniversary of Decimalisation £5 – one-off design coin issue.

Decision(s): The Minister approved the 50th anniversary of Decimalisation £5 – one-off design coin issue.

Reason(s) for Decision: To promote and make available commemorative coins for both Jersey and worldwide collectors which generate income for the States of Jersey.

 

Article 3 of the Decimal Currency (Jersey) Law 1971 states:

 

(1)     The Minister is authorized to issue coinage of the new currency of a denominational value not exceeding in any one year such sum as the Minister may determine.

 

(2)     Coins issued in pursuance of this Article shall be of such denomination or denominations as the Minister shall determine.

 

(3)     Coins issued in pursuance of this Article shall be issued under the direction of the Minister which shall determine the design, weight and composition thereof and the inscription by which the denomination of each coin so issued is to be represented on the coin.

 

(4)     A coin issued under this Article and specified as having a value of pence, shall be treated as having a value of the same number of new pence.

 

Resource Implications: Issued commemorative coins generate a profit for the Currency Fund through commission. A liability is not recognised in the Currency Fund for commemorative coins issued under this programme. The law requires provision be made for the repayment of currency in issue, however the fair value of returned commemorative coins, often issued in precious metals, would likely exceed the face value of the coins which could be reclaimed from Treasury. Furthermore, the consistently small number of commemorative coins returned to Treasury means there is no probable outflow of resource which would be required to recognise a provision.

Action required: The Head of Financial Governance to inform the Head of Treasury and Investment Management when this decision has been signed by the Minister. Advisor – Fund Administration, Treasury and Investment Management to advise 288 Group Limited t/a The Westminster Collection under which the States of Jersey commemorative coin is managed, of the approval of the proposal.

Signature:

 

 

 

 

Position: Deputy S J Pinel,

Minister for Treasury and Resources

                

 

Date Signed:

Date of Decision:

Decimalisation: 50th Anniversary: £5 one-off design coin issue

 

Treasury and Exchequer

Ministerial Decision Report   http://statesofjersey.newsweaver.com/files/2/75101/168349/404471/1dc1fb08b18781316cdb3e67/goj%20logo%20red%20english_2.png

 

 

 

50th anniversary of Decimalisation £5 – one-off design coin issue

 

  1. Purpose of Report

 

To enable the Minister to approve the 50th anniversary of Decimalisation £5 – one-off design coin issue.

 

  1. Background

 

2021 marks the 50th anniversary of the decimalisation of UK coinage which took place on 15th February 1971. On this day, the UK and British Isles countries moved to using pounds and pence as their measure of currency, rather than the pre-decimal shillings.

 

Decimalisation day, which was referred to as ‘D-Day’ at the time, was the culmination of years of debate and was a complete over-haul of a thousand year-old currency overnight. Pre-decimal coins are remembered with a sense of fondness and nostalgia by many and ‘Decimalisation Day’ remains one of the most significant changes in modern British history.

 

To commemorate this historic anniversary, the Westminster Collection would like to propose the issue of a one-off £5 coin commemorating Decimalisation. Please see below the coin design:

 

Reverse:

The reverse design features a stylised cash register typical of the period with the date ’15.02.71’ on the screen surrounded by pre-decimal coin denominations and anniversary wording.

Decimal £5 JERSEY v2D FINAL

 

 

 

 

 

 

 

 

Obverse:

The obverse will feature the portrait of Her Majesty Queen Elizabeth II by Ian Rank-Broadley along with the 2021 date, denomination and Bailiwick of Jersey wording.

 

2021 Jersey coin £5 silver

 

 

 

 

 

 

 

 

 

3. Recommendation

 

The Minister is recommended to approve the 50th anniversary of Decimalisation £5 – one-off design coin issue.

 

4.   Reason for Decision

 

To promote and make available commemorative coins for both Jersey and worldwide collectors which generate income for the States of Jersey.

 

Article 3 of the Decimal Currency (Jersey) Law 1971 states:

 

(1)     The Minister is authorized to issue coinage of the new currency of a denominational value not exceeding in any one year such sum as the Minister may determine.

 

(2)     Coins issued in pursuance of this Article shall be of such denomination or denominations as the Minister shall determine.

 

(3)     Coins issued in pursuance of this Article shall be issued under the direction of the Minister which shall determine the design, weight and composition thereof and the inscription by which the denomination of each coin so issued is to be represented on the coin.

 

(4)     A coin issued under this Article and specified as having a value of pence, shall be treated as having a value of the same number of new pence.

 

5.  Resource Implications

 

Issued commemorative coins generate a profit for the Currency Fund through commission. A liability is not recognised in the Currency Fund for commemorative coins issued under this programme. The law requires provision be made for the repayment of currency in issue, however the fair value of returned commemorative coins, often issued in precious metals, would likely exceed the face value of the coins which could be reclaimed from Treasury. Furthermore, the consistently small number of commemorative coins returned to Treasury means there is no probable outflow of resource which would be required to recognise a provision.

 

Report author : Advisor – Fund Administration, Treasury and Investment Management

Document date: 20 November 2020

Quality Assurance / Review : Head of Financial Governance

File name and path: L:\Treasury\Sections\Corporate Finance\Ministerial Decisions\DS, WR and SD\2020-0145 - 50th anniversary of Decimalisation £5 – one-off design coin issue

MD sponsor : Director of Treasury and Investment Management

 

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