Coinage

HM Treasury written question – answered on 20th October 2017.

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Photo of Chi Onwurah Chi Onwurah Shadow Minister (Department for Business, Energy and Industrial Strategy) (Industrial Strategy)

To ask Mr Chancellor of the Exchequer, with reference to each new coin introduced into circulation in the last 30 years, what has been the period between its introduction and its predecessor being no longer legal tender.

Photo of Andrew Jones Andrew Jones The Exchequer Secretary

The period between the introduction of a new coin and its predecessor being demonetised, over the last 30 years, has ranged between 6-8 months.

The new 10p was introduced on 30 September 1992, and its predecessor (the florin) was demonetised on 30 June 1993, co-circulating for eight months. The new 5p was introduced on 27 June, and its predecessor was demonetised on 31 December 1990, six months later.

The new, smaller 50p was introduced on 1 September 1997. Its larger predecessor was demonetised on 28 February 1998, after a period of six months. The new £1 coin was introduced on 28 March 2017 and was demonetised six months later on 15 October 2017

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