Coins

To ask the Chancellor of the Exchequer if he will undertake a review of the United Kingdom coinage so as to replace the present bronze 1p

Property sales in 1988
	Range of consideration (lower limit)
	£0		£10,000		£20,000		£30,000		£50,000		£100,000		£250,000		All values
Region	Number¹	Value²	Number¹	Value²	Number¹	Value²	Number¹	Value²	Number¹	Value²	Number¹	Value²	Number¹	Value²	Number¹	Value²
North	21	98	21	310	21	507	24	910	10	639	2	256	1	415	98	3,135
Yorkshire and Humberside	21	80	39	606	48	1,227	46	1,745	22	1,448	4	513	1	994	182	6,613
East Midlands	21	92	25	375	33	849	50	1,980	36	2,386	6	855	2	1,292	173	7,829
East Anglia	6	15	6	93	6	149	26	1,111	41	2,785	8	1,058	2	1,371	95	6,581
South East	36	67	20	315	27	662	81	3,381	274	19,262	82	11,751	14	10,181	534	45,618
Greater London	30	42	16	231	13	326	25	1,035	167	11,934	60	8,773	14	13,684	326	36,025
South West	21	45	17	252	18	455	66	2,704	98	6,782	23	3,277	4	2,849	247	16,363
West Midlands	26	80	22	323	18	459	47	1,836	38	2,544	9	1,266	2	1,594	162	8,103
North West	40	160	42	643	58	1,460	57	2,192	31	2,083	5	731	2	1,394	234	8,664
Wales	18	69	15	220	26	654	30	1,171	16	1,026	3	416	1	498	110	4,053
England and Wales	240	748	224	3,368	268	6,747	452	18,064	733	50,890	203	28,894	42	34,272	2,162	142,983
¹ Thousands.
² £ million.

Source: Survey of Conveyancing 1988.

and 2p coins with copper-plated pieces; and if he will state the excess cost to the Treasury of providing these denominations in the current metal.

I refer my hon. Friend to the reply that I gave my hon. Friend the Member for Bury, South (Mr. Sumberg) on 6 February, at column 540. The excess cost to the Treasury of continuing to provide 1p and 2p coins in bronze as compared with copper-plated steel depends on metal prices and on the number of coins issued, but a reasonable estimate is between £2 million and £4 million a year.

To ask the Chancellor of the Exchequer when he expects the smaller size denomination of 5p and 10p to be issued by United Kingdom banks; if he has the coinage under review; if he will issue a £2 coin for circulation; what other plans he has for a redesign of the reverse of the coinage; and if he will make a statement.

The new, smaller 5p coin will be issued by the United Kingdom banks in June 1990 and the new, smaller 10p coins will be issued in June 1992. These changes followed a general review of the coinage in 1987. The Royal Mint issued a pamphlet setting out various options for change and the public were invited to comment. The smaller 5p and 10p coins were the options preferred. Aspects of the coinage are always kept under review. £2 coins are issued for circulation from time to time only as commemorative coins. Two versions of the £2 coin were, however, issued last year to commemorate the Bill of Rights in England and the Claim of Right in Scotland. There are no immediate plans to issue a further £2 coin or to redesign the reverse of the coinage.

Volume 167: debated on Thursday 22 February 1990