Kilos 'not really British'
By Tony Grew - 4th April 2011
The Coinage (Measurement) Bill, which had its third reading in the Commons on Friday, prompted a stern eyebrow-lift from Mr Peter Bone.
The bill's sponsor, and friend to numismatists across the world, Mark Lancaster, assured the House:
"Although today is April Fool's Day, I can assure hon. Members that the Bill is no joke.
"It is relatively simple, but it will have a weighty impact, for it enables the Royal Mint to commemorate events of cultural significance and national importance with kilogram coins, starting with, but not limited to, the London 2012 Olympic and Paralympic games."
Vaguely interesting.
But wait, Bone had spotted something.
"Obviously the word 'kilogram' makes me slightly nervous, because it is not really British," he began.
"However, my hon. Friend was referring to the other countries that have done this. When the Olympic games were held in America, did the Americans issue a kilogram coin?"
Lancaster replied:
"That is a good point. I have some sympathy with my hon. Friend over the use of the word 'kilogram', but he will appreciate that the coins would be sold on the international market, which is why a kilogram coin is more appropriate. There seems to be some doubt about whether the United States issued such a coin. I think that it did, but I might have to come back to him. Inspiration might arrive before I finish my speech."
Inspiration? Never a problem for Bone.
There was more from David Nuttall.
"The value of the coins will depend on the prevailing cost of precious metals, but if we were to base the cost on the best current estimate, a gold coin is likely to fetch about £40,000 and a silver coin about £500," he reported.
"Taking those together and doing a quick bit of maths, that makes £19.9 million - not bad for a morning's work - which I am sure would be gratefully received by the Treasury. Indeed, I understand that 20,000 coins were sold in the Beijing Olympics, so I wonder whether there might be scope for minting more than is currently allowed for."
However, Nuttall expressed "disappointment that the coins were to be minted in kilograms", and suggested that they be minted in "a multiple of a troy ounce".
Nuttall also pointed out that Lancaster's private member's bill was the fourth to complete its passage on a Friday, in addition to the Estates of Deceased Persons (Forfeiture Rule and Law of Succession) Bill, the Sports Grounds Safety Authority Bill and the Wreck Removal Convention Bill.
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