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

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

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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:

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