Decimal Currency Act, 1969

JurisdictionIreland
CitationIR No. 23/1969


Number 23 of 1969


DECIMAL CURRENCY ACT, 1969


ARRANGEMENT OF SECTIONS

Section

1.

Definitions.

2.

The new decimal currency.

3.

Provision of cupro-nickel and bronze coins.

4.

Provision of coins in lieu of cupro-nickel coins.

5.

Issue of coins provided under section 3 or 4.

6.

Expenses of provision of coins under section 3 or 4.

7.

Proceeds of issue of coins provided under section 3 or 4.

8.

Legal tender.

9.

Provisions in relation to coins of fifty new pence.

10.

Provisions in relation to coins of ten or five new pence.

11.

Redemption of coins issued under the repealed enactments or this Act.

12.

Calling in of coins issued under the repealed enactments or this Act.

13.

Disposal of proceeds of melting down of coins.

14.

Prohibition of making or issuing of coins.

15.

Prohibition of melting down, etc., of coins.

16.

Payments under friendly society and industrial assurance company contracts.

17.

Laying of orders and regulations before Houses of Oireachtas.

18.

Publication of orders in Iris Oifigiúil.

19.

Expenses of Minister and Minister for Industry and Commerce.

20.

Expenses of Central Bank.

21.

Application of section 57 of Copyright Act, 1963, to coins issued under this Act.

22.

Application and adaptation of certain enactments.

23.

Repeals.

24.

Short title.

FIRST SCHEDULE .

Particulars of Cupro-nickel and Bronze Coins.

SECOND SCHEDULE .

Enactments Applied or Adapted.


Acts Referred to

Coinage Act, 1950

1950, No. 32.

Coinage Act, 1926

1926, No. 14.

Central Bank Act, 1942

1942, S. R. & O No. 6.

Central Bank Act, 1942

1942, No. 22.

Currency Act, 1927

1927, No. 32.

Insurance Act, 1936

1936, No. 45.

Copyright Act, 1963

1963, No. 10.


Number 23 of 1969


DECIMAL CURRENCY ACT, 1969


AN ACT TO PROVIDE FOR THE INTRODUCTION OF A DECIMAL CURRENCY IN THE YEAR 1971 AND TO PROVIDE FOR MATTERS CONNECTED WITH SUCH INTRODUCTION AND FOR OTHER MATTERS CONNECTED WITH CURRENCY AND COINAGE. [30th July, 1969]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

Definitions.

1.—(1) In this Act—

“the Act of 1950” means the Coinage Act, 1950 ;

“the Central Bank” means the Central Bank of Ireland;

“cupro-nickel”, in relation to a coin, means a coin made of a mixture of copper and nickel;

“the Minister” means the Minister for Finance.

(2) References in this Act to coins issued under the repealed enactments shall be construed as references to coins issued under the Coinage Act, 1926 , or that Act as amended by the Emergency Powers (No. 140) Order, 1942, or by sections 58 and 60 of the Central Bank Act, 1942 , or under the Act of 1950.

The new decimal currency.

2.—(1) On and after the 15th day of February, 1971, there shall be a denomination or unit of money in Irish currency which shall be known as the new penny and shall be one-hundredth part of an Irish pound.

(2) On and after such day as the Minister may appoint by order under this subsection, the Irish pound and the new penny shall be the only legal denominations or units of money in Irish currency.

(3) On and after such day as the Minister may appoint by order under this subsection, the new penny shall be known as the penny and references in any statute or instrument made thereunder to the new penny shall, on and after the day appointed under this subsection, be construed accordingly.

Provision of cupro-nickel and bronze coins.

3.—(1) The Minister may provide cupro-nickel and bronze coins of the several denominations specified in column (1) of the First 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 and standard composition specified in respect thereof in columns (2) and (3) of the said First Schedule or, if it is a cupro-nickel coin, the standard weight so specified and such other standard composition as stands specified for the time being by order under subsection (3) of this section.

(3) The Minister may, in respect of any cupro-nickel coins of a particular denomination provided under this section, by order amend the said First Schedule by substituting, for the standard composition specified therein in respect of those coins, such other standard composition as he thinks fit and specifies in the order and the said First Schedule shall have effect accordingly.

(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 (4) of the said First Schedule.

(5) (a) The Minister may provide cupro-nickel and bronze coins other than those provided for in the said First Schedule and may by order determine the denominations, standard weights and standard compositions of such coins and the remedy (or variation from the standard weight and standard composition) to be allowed in respect thereof.

(b) The Minister may by order amend or revoke an order under this subsection.

(c) No order under this subsection shall come into force unless and until it has been confirmed by resolution of each House of the Oireachtas.

(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 so provided shall be of the dimensions and design so prescribed in respect thereof.

Provision of coins in lieu of cupro-nickel coins.

4.—(1) In this section “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 of cupro-nickel coin which the Minister is authorised by or under section 3 of this Act to provide.

(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 amend or 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 3 of this Act any cupro-nickel coins of the like denomination as the coins to which the order relates.

(4) Every coin provided under this section 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.

(5) The Minister may by regulations prescribe the dimensions and design of the several denominations of coins provided under this section and every coin so provided shall be of the dimensions and design so prescribed in respect thereof.

Issue of coins provided under section 3 or 4.

5.—Every coin provided under section 3 or 4 of this Act shall be issued by the Minister through the Central Bank.

Expenses of provision of coins under section 3 or 4.

6.—All sums required for the provision of coins provided under section 3 or 4 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 3 or 4.

7.—The proceeds of every issue of coins provided under section 3 or 4 of this Act shall be paid into the general fund of the Central Bank and carried therein to the credit of the currency reserve.

Legal tender.

8.—(1) A tender of money if made, on or after the 15th day of February, 1971, in coins (other than bronze coins) which are issued under this Act and each of which has a denomination of more than ten new pence shall be legal tender for the payment of an amount not exceeding ten pounds but for no greater amount.

(2) A tender of money if made, on or after the 15th day of February, 1971, in coins (other than bronze coins) which are issued under this Act and each of which has a denomination of not more than ten new pence shall be legal tender for the payment of an amount not exceeding five pounds but for no greater amount.

(3) A tender of money if made, on or after the 15th day of February, 1971, in bronze coins issued under this Act shall be legal tender for the payment of an amount not exceeding twenty new pence but for no greater amount.

(4) This section does not apply to coins called in under this Act.

Provisions in relation to coins of fifty new pence.

9.—(1) Coins having a denomination of fifty new pence may be issued before the 15th day of February, 1971, and shall, before that date—

(a) be deemed to be current coins and to have a denomination of ten shillings, and

(b) be legal tender for the payment of an amount not exceeding ten pounds but for no greater amount.

(2) Upon the issue under this Act of coins having a denomination of fifty new pence, the Central Bank shall cease to issue under section 45 (1) of the Currency Act, 1927 , legal tender notes having a denomination of ten shillings.

Provisions in relation to coins often or five...

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