§ 3. Mr. Trotter
asked the Chancellor of the Exchequer when the 50p coin was introduced; and what has been the fall in the value of the pound since that time.
§ The Financial Secretary to the Treasury (Mr. Robert Sheldon)
The 50p coin was introduced on 14th October 1969; the internal purchasing power of the pound fell by 52 per cent. between October 1969 and December 1975.
§ Mr. Trotter
As the pound in our pocket has been so obviously devalued in this period, would it not be realistic for the Government to accept that and to introduce a £1 coin, which might be distinguished from other coins by a large hole in the middle?
§ Mr. Sheldon
The hole in the value of the pound is the responsibility of the several Governments who have held office since 1969. I have no firm views about the introduction of a new coin to replace the £1 note. If there is a demand for it, it will be considered.