Decimal Currency (Amendment No. 7) (Jersey) Law 201-

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A decision made 5 September 2011:

Decision Reference: MD-TR-2011-0110
Decision Summary Title:	Decimal Currency (Amendment No 7) (Jersey) Law 201-		Date of Decision Summary:	18 August 2011
Decision Summary Author:	Deputy Treasurer of the States		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Decimal Currency (Amendment No 7) (Jersey) Law 201-		Date of Written Report:	18 August 2011
Written Report Author:	Assistant Accountant - Treasury Operations		Written Report : Public or Exempt?	Public
Subject: Lodge au Greffe Decimal Currency (Amendment No 7) (Jersey) Law 201- to add nickel plated steel coins to the list of coins that are legal tender in Jersey and also to amend Article 4 of the principal Law to allow the Minister to specify by Order the coins issued under UK or Jersey legislation that are legal tender in Jersey.
Decision(s): The Minister approved the Decimal Currency (Amendment No. 7) (Jersey) Law 201- and the accompanying report for lodging ‘au Greffe’ with a request for debate at the earliest opportunity.
Reason(s) for Decision: To enable the Decimal Currency (Amendment No. 7) (Jersey) Law 201-and the accompanying report to be lodged ‘au Greffe’ with a request for debate at the earliest opportunity.
Resource Implications: The conversion of the 5 and 10 pence coins from cupro-nickel to nickel plated steel will result in significant savings which are detailed in the attached report.
Action required: Forward the Decimal Currency (Amendment No.7) (Jersey) Law 201- and the accompanying report to the Greffier of the States and request that the projets be lodged ‘au Greffe’ for consideration by the States at the earliest opportunity.
Signature:		Position: Senator P F C Ozouf, Minister for Treasury and Resources
Date Signed:		Date of Decision:

Decimal Currency (Amendment No. 7) (Jersey) Law 201-

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Treasury and Resources

Ministerial Decision Report

decimal currency (Amendment No 7) (Jersey) Law 201-

Purpose of Report

The purpose of this report is to brief the Minister for Treasury and Resources on the draft Decimal Currency (Amendment No. 7) (Jersey) Law 201- .These amendments make changes to the list of coins that are legal tender in Jersey, and would also allow the Minister to specify by Order the coins issued under UK or Jersey legislation that are legal tender in Jersey.

Background

The draft Decimal Currency (Amendment No. 7) (Jersey) Law 201- proposes to add nickel plated steel coins to the list of coins that are legal tender in Jersey.

HM Treasury has approved the Royal Mint’s proposal to convert the 5 and 10 pence coins from cupro-nickel to nickel-plated steel. The diameter and weight of the 5 and 10 pence coins will remain unchanged but they will be magnetic and approximately ten per cent thicker than the cupro-nickel versions.

The UK has issued a Royal Proclamation in order to establish the new nickel plated steel 5p and 10p coins as legal tender, and as Article 4 (1) of the Decimal Currency (Jersey) Law 1971 sets out what is legal tender under UK provisions an amendment to the law is required to add nickel plated steel coins to the list of coins that are legal tender in Jersey. Such coins must be in denominations of not more than 10 new pence and are legal tender for payment of any amount that is £5 or less. This will also allow Jersey to issue nickel plated steel coins in the future.

The amendment would also amend Article 4 of the principal Law to allow the Minister to specify by Order the coins issued under UK or Jersey legislation that are legal tender in Jersey. This will make future changes possible without needing a law amendment.

Recommendation

It is recommended that the Minister should approve the Amendment to the Decimal Currency (Jersey) Law 1971 and the attached report, and sign the declaration of compatibility with the European Convention on Human Rights and the Decision Summary, and that the documents should be lodged au Greffe so as to allow the Amendment to be debated by the States at the earliest opportunity.

Reason for Decision

To enable the Decimal Currency (Amendment No. 7) (Jersey) Law 201- and the accompanying report to be lodged ‘au Greffe’ and considered by the States at the earliest opportunity.

Resource Implications

As a result of rising metal prices over recent years solid coin and blanks have become increasingly expensive for the customer because they are composed entirely of more expensive non-ferrous metals. As a result, electro-plating has become more attractive because it requires the use of a thin surface layer of more expensive non-ferrous alloy. Indeed 95% of the coin is made of much cheaper steel. The Royal Mint has estimated that the conversion of the 5 and 10 pence coins from cupro-nickel to nickel plated steel will save approximately up to £18.00 per 1000 for 5p, and up to £35.00 per 1000 for 10p (dependant on fluctuating metal prices and the order quantity).

Report author : Assistant Accountant – Treasury Operations	Document date : 18 August 2011
Quality Assurance / Review : Treasury Policy & Compliance	File name and path: l:\treasury\sections\corporate finance\ministerial decisions\dss, wrs and sds\2011-0110 - decimal currency (jersey) law amendment no 7 - jt\wr - decimal currency (jersey) law amendment no 7 - at.doc
MD sponsor : Treasurer of the States