§ Colonel Wedgwood
asked the Chancellor of the Exchequer what is the estimated amount of the economy which has resulted from the reduction of the fineness of the silver coinage from 37–40ths to 50 per cent. under the Coinage Act of 1847W 1920, from the beginning of that reduction to the end of the year 1936; and what is the estimated proportion of the silver coinage which is now of this 50 per cent. fineness?
The amount realised by the sale of the surplus silver resulting from recoinage during the 16 years since the passing of the Coinage Act, 1920, which has been available to reduce the net cost to the Exchequer of financing the redemption of redundant silver coin, is approximately £8,500,000. The proportion of silver coinage which is now of the 50 per cent. standard of fineness is estimated at about 95 per cent.