Recommendations
For section 1 of the Coinage Act 1971 (which determines the standards of certain coins) there is substituted—.
Part II of Schedule 1 to the Act of 1971 (standards for cupronickel and bronze coins) shall cease to have effect; but, until other standards are determined by proclamation under section 3 of that Act with respect to coins of any denomination mentioned in that Part, coins of that denomination shall continue to be circular and of the standards specified in that Part (subject to the remedy allowed).
Section 2 of the Act of 1971 (extent to which coins are legal tender) is amended as follows—
for subsection (1) there are substituted the following subsections—;
in subsection (2) for the words “subsection (1)” there are substituted the words “subsection (1A)”; and
after subsection (2) there is inserted the following subsection—
Section 3 of the Act of 1971 (power to regulate coinage by proclamation) is amended as follows—
for paragraph (c) there is substituted—;
in paragraph (d) the words from “other than” to the end are omitted;
after paragraph (d) there is inserted—;
in paragraph (f) the words from “ and be legal tender” to the end are omitted; and
after paragraph (f) there is inserted—;
the section as so amended is renumbered so as to become subsection (1) and after that subsection there is inserted the following subsection—
Where provision is made by a proclamation under section 3 of the Act of 1971 as to the percentage of impurities which coins of a particular denomination may contain, any coin of that denomination made before the date of the proclamation shall be treated as if that provision had been in force when that coin was made.
Gold coins of a denomination mentioned in Schedule 1 to this Act ........ Eleven twelfths fine gold and one twelfth alloy. Other gold coins ............ Gold of the standard fineness specified in the proclamation under which the coins are made.
In section 12(2) of the Act of 1971 (interpretation of references to silver coin in enactments mentioned in Schedule 2 to that Act) for the words “section 3(c)” there are substituted the words “section 3(cc)” and after the words “not being coin of” there is inserted the word “gold,”.
The Bank shall not cause the limit on the amount of the fiduciary note issue to be exceeded.
For the purposes of this section, the limit is £13,500 million or such other amount as may from time to time be specified in a direction given by the Treasury.
The amount specified in a direction under subsection (2) above shall not be greater than the former limit by more than 25 per cent.
In subsection (3) above “the former limit” means the limit which was in force under this section at the beginning of the period of two years ending with the day on which the direction is given.
A direction under subsection (2) above shall be given by a minute of the Treasury a copy of which shall be laid before each House of Parliament.
The Treasury may by order made by statutory instrument direct that subsection (3) above shall not apply in relation to any direction under subsection (2) above which is given during a specified period not exceeding two years beginning with the day on which the order is made.
A draft of any statutory instrument containing an order under subsection (6) above shall be laid before Parliament.
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This section applies to bank notes which, by virtue of section 1(5) of the Currency and Bank Notes Act 1954, have ceased to be legal tender and have not been legal tender for ten years.
Where any bank notes to which this section applies have not been presented for payment, the Bank may write off the amount of the notes from the total amount of notes issued from the issue department of the Bank.
Where any amount is written off under this section—
the amount so written off shall be deducted from the amount included in the next weekly account rendered by the Bank under section 6 of the Bank Charter Act 1844 as the amount of bank notes issued by the issue department of the Bank; and
a return of the amount so written off shall be forthwith sent to the Treasury who shall lay a copy of the return before each House of Parliament.
No writing off of an amount under this section shall affect the liability of the Bank to pay any bank note which was included in that amount.
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In section 6 of the Currency and Bank Notes Act 1928 (which directs the payment to the Treasury of the annual profits of the issue department of the Bank including the amount of notes written off less the amount of those presented for payment) after the words “section six of the Bank Act 1892, as amended by this Act” there shall be inserted the words “or under section 3 of the Currency Act 1983”.
This Act may be cited as the Currency Act 1983.
In this Act—
" the Bank " means the Bank of England ; and
“the Bank” means the Bank of England; and
“bank notes” means notes of the Bank payable to bearer on demand.
The enactments mentioned in the Schedule to this Act (which include a spent provision) are hereby repealed to the extent specified in the third column of that Schedule.
This Act extends to Northern Ireland.
Section 4. Chapter Short title Extent of repeal 55 & 56 Vict. c. 48. The Bank Act 1892. Section 6. 18 & 19 Geo. 5. c. 13. The Currency and Bank Notes Act 1928. Section 5. Section 7. 2 & 3 Eliz. 2 c. 12. The Currency and Bank Notes Act 1954. Section 2. In Section 3, the definitions of “bullion” and “coin”. 1971 c. 24. The Coinage Act 1971. In section 3, in paragraph (d), the words from “other than” to the end and, in paragraph (f), the words from “and be legal tender” to the end. In Schedule 1. Part II.