Coinage Act, 1950

• Jurisdiction: Ireland
• Citation: IR No. 32/1950
• Year: 1950

Number 32 of 1950.
COINAGE ACT, 1950.
ARRANGEMENT OF SECTIONS
PART I.
Preliminary and General.
Section 1. Short title. 2. Commencement. 3. Definitions. 4. Repeals.
PART II.
Coinage, Other than Gold Coinage.
5. Provision of cupro-nickel and bronze coins. 6. Provision of coins in lieu of cupro-nickel coins. 7. Issue of coins provided under section 5 or 6. 8. Expenses of provision of coins under section 5 or 6. 9. Proceeds of issue of coins provided under section 5 or 6. 10. Prohibition of making or issuing of coins. 11. Calling in of coins issued under the repealed enactments or this Act. 12. Legal tender. 13. Redemption of coins issued under repealed enactments or this Act. 14. Disposal of proceeds of melting down of coins. 15. Value of coins issued under the repealed enactments in relation to the Irish pound. 16. Application and adaptation of certain enactments. 17. Publication of orders in Iris Oifigiúil.
PART III.
Coins Generally.
18. Copyright in Irish coins. 19. Prohibition on melting down, etc., of coins.
FIRST SCHEDULE.
Enactments Repealed.
SECOND SCHEDULE.
Particulars of cupro-nickel and bronze coins.
THIRD SCHEDULE.
Enactments Applied or Adapted.
Acts Referred to Coinage Act, 1926 No. 14 of 1926 Currency Act, 1927 No. 32 of 1927 Central Bank Act, 1942 No. 22 of 1942 Industrial and Commercial Property (Protection) Act, 1927 No. 16 of 1927
Number 32 of 1950.
COINAGE ACT, 1950.
AN ACT TO MAKE FURTHER AND BETTER PROVISION REGARDING COINAGE. [27th December, 1950.]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—
PART I. Preliminary and General.
	Short title.	1.—This Act may be cited as the Coinage Act, 1950.
	Commencement.	2.—This Act shall come into operation on such day as may be fixed for that purpose by order of the Minister.
	Definitions.	3.—In this Act—
	the expression “the Act of 1926” means the Coinage Act, 1926 (No. 14 of 1926);
	the expression “the Act of 1927” means the Currency Act, 1927 (No. 32 of 1927);
	the expression “the Act of 1942” means the Central Bank Act, 1942 (No. 22 of 1942);
	the expression “the Central Bank” means the Central Bank of Ireland;
	Coins issued under the repealed enactments.
	references to coins issued under the repealed enactments shall be construed as references to coins issued under the Act of 1926 or that Act as amended by the Emergency Powers (No. 140) Order, 1942 (S.R. & O., No. 6 of 1942), or by sections 58 and 60 of the Act of 1942;
	cupro-nickel
	the word “cupro-nickel,” in relation to a coin, means a coin made of a mixture of copper and nickel;
	Minister
	the expression “the Minister” means the Minister for Finance.
	Repeals.	4.—The enactments mentioned in column (2) of the First Schedule to this Act are hereby repealed to the extent specified in column (3) thereof.
PART II. Coinage, other than gold coinage.
	Provision of cupro-nickel and bronze coins.	5.—(1) The Minister may provide cupro-nickel and bronze coins of the several denominations specified in column (1) of the Second Schedule to this Act, and may take such steps as he thinks proper for the provision of such coins.
	(2) Every coin provided under this section shall be of the standard weight specified in respect thereof in column (2) of the Second Schedule to this Act.
	(3) (a) Every coin provided under this section shall be of the standard composition specified in respect thereof, in column (3) of the Second Schedule to this Act or, if it is a cupro-nickel coin, such other standard composition as may be substituted therefor by an order under paragraph (b) of this subsection.
	(b) The Minister may, in respect of any cupro-nickel coins of a particular denomination provided under this section by order amend the Second Schedule to this Act by substituting, for the standard composition specified therein in respect of those coins, such other standard composition as he thinks fit.
	(4) There shall be allowed in respect of coins provided under this section the remedy (or variation from the standard weight and standard composition) stated in respect thereof in column (5) of the Second Schedule to this Act.
	(5) The several denominations of coins provided under this section shall respectively bear to the Irish pound the fractional values stated in column (4) of the Second Schedule to this Act.
	(6) The Minister may by regulations prescribe the dimensions and design of the several denominations of coins to be provided under this section and every coin provided under this section shall be of the dimensions and design so prescribed in respect thereof.
	Provision of coins in lieu of cupro-nickel coins.	6.—(1) In this section the word “metal” does not include gold or silver.
	(2) (a) The Minister may, whenever and so often as he thinks fit, by order (in this section referred to as a new coinage order) declare that it is expedient to provide coins of a specified metal or a specified mixture of metals, other than cupro-nickel (whether or not including copper or nickel), of any specified denomination, being a half-crown, florin, shilling, sixpence or threepence.
	(b) A new coinage order relating to coins of a particular denomination shall specify the standard weight and standard composition of those coins and the remedy (or variation from the standard weight and standard composition) to be allowed in respect thereof.
	(c) The Minister may by order revoke a new coinage order.
	(d) No order under this subsection shall come into force unless and until it has been confirmed by resolution of each House of the Oireachtas.
	(3) Where a new coinage order is in force—
	(a) the Minister may provide coins to which the order relates and take such steps as he thinks proper for the provision of such coins,
	(b) the Minister shall not provide under section 5 of this Act any cupro-nickel coins of the like denomination as the coins to which the order relates.
	(4) The following provisions shall apply to every coin provided under this section—
	(a) it shall be of the standard weight and standard composition specified in respect thereof in the new coinage order relating to such coin, but there shall be allowed in respect thereof the remedy (or variation from the standard weight and standard composition) stated in respect thereof in the order,
	(b) it shall bear to the Irish pound the same fractional value as it would bear if it were a cupro-nickel coin of the like denomination provided under section 5 of this Act.
	(5) The Minister may by regulations prescribe the dimensions and design of the several denominations of coins provided under this section and every coin provided under this section shall be of the dimensions and design so prescribed in respect thereof.
	Issue of coins provided under section 5 or 6.	7.—Every coin provided under section 5 or 6 of this Act shall be issued by the Minister through the Central Bank.
	Expenses of provision of coins under section 5 or 6.	8.—All sums required for the provision of coins provided under section 5 or 6 of this Act shall be defrayed out of the general fund of the Central Bank and debited therein to the currency reserve.
	Proceeds of issue of coins provided under section 5 or 6.	9.—The proceeds of every issue of coins provided under section 5 or 6 of this Act shall be paid into the general fund of the Central Bank and carried therein to the credit of the currency reserve.
	Prohibition of making or issuing of coins.	10.—(1) Except gold coins issued under the Act of 1927 and coins issued under this Act, no piece of metal or mixed metal of any value whatsoever shall be made or issued in the State as a coin or a token for money or as purporting that the holder thereof is entitled to demand any value denoted thereon.
	(2) Subsection (1) of this section does not apply to the issue by the Central Bank of coins provided, before the commencement of this Act, under the Act of 1926 or that Act as amended by the Emergency Powers (No. 140) Order, 1942 (S.R. & O. No. 6 of 1942), or by sections 58 and 60 of the Act of 1942.
	(3) Every person who makes or issues any piece of metal or mixed metal in contravention of subsection (1) of this section shall be guilty of a misdemeanour and shall be liable on conviction thereof to a fine not exceeding one hundred pounds.
	Calling in of coins issued under the repealed enactments or this Act.	11.—(1) The Minister may by order call in coins issued under the repealed enactments or this Act of any particular date or denomination.
	(2) The following provisions shall apply in respect of every order under subsection (1) of this section—
	(a) the order shall provide for its coming into operation on a particular date (in this subsection referred to as the operative date) not being earlier than six months after the date of its making,
	(b) the order shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order is passed by either such House before the operative date, the order shall be annulled accordingly.
	Legal tender.	12.—(1) A tender of money if made in coins (other than bronze coins) issued under the repealed enactments or this Act shall be legal tender for the payment of an amount not exceeding forty shillings but for no greater amount.
	(2) A tender of money if made in bronze coins issued under the repealed enactments or this Act shall be legal tender for the payment of an amount not exceeding one shilling but for no greater amount.
	(3) This section does not apply to coins called in under the Act of 1926, as...