Decimal Currency Act 1967
| Jurisdiction | UK Non-devolved |
Decimal Currency Act 1967
1967 CHAPTER 47
An Act to provide for the introduction of a decimal currency in the year 1971; and to regulate the constitution and functions of the Decimal Currency Board.
[14th July 1967]
Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
Currency and coinage
1 The new decimal currency.
(1) On and after the appointed day the denominations of money in the currency of the United Kingdom shall be the pound sterling and the new penny, the new penny being one-hundredth part of a pound sterling.
(2) In this Act ‘the appointed day’ means such day in the year 1971 as the Treasury may by order made by statutory instrument appoint.
2 Coinage of the new currency.
(1) Subject to subsection (2) below, all coins of the new currency to be made at the Mint, being coins of the metals and denominations described in column 1 of Schedule 1 to this Act, shall be circular and of the standard weight, diameter and composition specified in columns 2, 3 and 4 of that Schedule.
(2) In the making of such coins a remedy (that is, a variation from the standard weight, diameter or composition specified as aforesaid) shall be allowed of an amount not exceeding the following, that is to say—
(a ) a variation from the said standard weight of an amount per coin (measured as the average of a sample of not more than one kilogram of the coin in question) specified in column 5 of the said Schedule 1; and
(b ) a variation from the said standard diameter of 0.125 millimetre per coin; and
(c ) in the case of cupro-nickel coins, a variation from the said standard composition of two per cent.
(3) The powers exercisable by proclamation by virtue of section 11 of the Coinage Act 1870 shall include power to determine—
(a ) the weight and composition of coins of the new currency to be made at the Mint, other than gold coins and coins of the metals and denominations described in the said Schedule 1; and
(b ) the remedy to be allowed in the making of such coins;
and so much of section 3 of that Act and section 2 of the Coinage Act 1946 as requires coins of other denominations to be of a weight and fineness or composition determined by reference to coins of the denominations described in those Acts shall not apply to coins specified in a proclamation made by virtue of this subsection.
(4) Coins made in accordance with this section may, if so directed by proclamation under the said section 11, be issued for use before the appointed day as current coins of such denominations of the currency in force before that day as may be specified in the proclamation.
3 Minor amendments of enactments.
(1) In section 5 of the Coinage Act 1870 (prohibition upon making of coins except by the Mint) for the words ‘by the Mint’ there shall be substituted the words ‘by or with the authority of the Mint’; and references in any enactment (including this Act) to coins made by, or at or in, the Mint shall include references to coins made at any place with the authority of the Mint.
(2) The expenses incurred by the Mint in the purchase of metal to be made into coins shall be defrayed out of moneys provided by Parliament, and accordingly section 9 of the Coinage Act 1870, and in section 10 of that Act the words ‘and carried to the Consolidated Fund’, are hereby repealed.
(3) In paragraph (9) of section 11 of the Coinage Act 1870 (application to British possessions) and in section 12 of that Act (trial of the pyx) any reference to that Act shall include a reference to this Act; and in section 4 of the Coinage Act 1946 (standard trial plates) the reference to a proclamation made under the power conferred by paragraph (c of this Act.
(4) Any reference to silver coin in any enactment mentioned in Schedule 2 to this Act shall include a reference to coin specified in any proclamation made by virtue of section 2(3) of this Act, not being coin of silver or cupro-nickel or coin of a denomination of less than five new pence.
(5) The form prescribed by any of the following enactments (which relate to certain periodic returns), that is to say—
(a ) Schedule A to the Bank Charter Act 1844 ;
(b ) Schedule A or Schedule B to the Bankers (Ireland) Act 1845 ; and
(c ) Schedule A or Schedule B to the Bank Notes (Scotland) Act 1845 ,
shall be modified to such extent as the Treasury may direct having regard to the provisions of this Act.
The Decimal Currency Board
4 Constitution of Decimal Currency Board.
(1) The Decimal Currency Board (in this Act referred to as ‘the Board’) shall consist of a chairman appointed by the Treasury, and not less than six nor more than thirteen other members appointed by the Treasury after consultation with the chairman.
(2) In Part II of Schedule 1 to the House of Commons Disqualification Act 1957 (bodies of which all members are disqualified under that Act) both in its application to the House of Commons of the Parliament of the United Kingdom and in its application to the Senate and House of Commons of Northern Ireland, there shall be inserted at the appropriate point in alphabetical order the words ‘The Decimal Currency Board’.
(3) The expenses of the Board, to such amount as may be authorised by the Treasury, shall be defrayed out of moneys provided by Parliament.
(4) The provisions of Schedule 3 to this Act shall have effect with respect to the Board and its members and the other matters mentioned in that Schedule.
5 Functions of Board.
(1) The functions of the Board are to facilitate the transition from the existing currency and coinage to the new currency and coinage provided for by this Act, and in particular—
(a ) to examine, in consultation with such organisations and persons as the Board consider appropriate, problems involved in the transition;
(b ) to furnish information and advice about the new currency and coinage, and to publish, whether by advertisement or otherwise, such information as the Board think useful for familiarising the public with it and its relation to the existing currency and coinage;
(c ) to promote arrangements for the adaptation or replacement of commercial and other equipment designed to record or calculate in the existing currency or to be operated by the existing coinage;
(d ) to receive and consider, with a view to such provision (if any) as may hereafter be made by Parliament for the payment of compensation in special circumstances, representations with respect to expenditure or loss incurred or to be incurred by particular persons or classes of persons in consequence of the change;
(e ) to make investigations and surveys for obtaining information relevant to the exercise of any of the functions of the Board.
(2) The Treasury may give to...
To continue reading
Request your trial