Coinage (Measurement) Bill

David Nuttall Excerpts

Friday 4th February 2011 Commons Chamber

[Mr David Nuttall (Bury North) (Con)]

I congratulate my hon. Friend the Member for Milton Keynes North (Mark Lancaster) on bringing forward the Bill. It might not have generated many e-mails—in fact, I have not received any at all on the subject—but that does not detract from its merit. I rise to support it and I wish it well at the start of its long parliamentary journey.

The eyes of the world will be on the United Kingdom next year as we host the 2012 Olympics. Great as the games will be, however, they will be over in two or three weeks; after all the hype and the years of planning, I am sure that they will pass all too quickly. It is therefore right that we should concentrate as much on the legacy that the games will leave behind as on the games themselves, and a crucial part of the Olympic legacy will be the sale of commemorative coins. If there is one item that people are likely to save and treasure, it is a commemorative coin. I can see such items being left in people’s wills as legacies to future generations, perhaps for centuries to come.

We know that the 2009 “Countdown to London 2012” coin collections sold out due to the huge demand for them. On 1 April last year, more than two years before the start of the games, the Royal Mint confirmed that the London 2012 Olympic and Paralympic commemorative coins would be the best-selling coins in the history of the Royal Mint. That is testament to the great work that the Royal Mint has done in the build-up to the Olympics. In addition to ensuring that the country is left with a great sporting legacy following the Olympics, it is important to ensure that the games and the legacy provide value for money. As my hon. Friend the Member for Milton Keynes North said, the Royal Mint contributes considerably to the Treasury coffers, and this commemorative coin will add to that revenue.

Among the existing coins available on the Royal Mint website, there is already a “Countdown to London 2012” £5 silver proof coin, available at £65.99—a snip. Also awaiting stock are a gold three-coin set—in a four-coin case, for some reason I do not understand—at £4,499, and a gold proof £5 coin at £1,599. Perhaps Members will be more interested in the 50p coins available at £2.99, which are provided for all 29 individual sports: shooting, taekwondo, table tennis, judo, volleyball, table tennis, handball and so on. Alternatively, if people want to splash out they can get a bumper pack for all 29 sports, plus a free album, for £85.

When the coins were issued, the Royal Mint’s director of commemorative coins, Dave Knight, said that they will

“become treasured mementos of the biggest sporting event to happen on UK shores for over half a century and we hope will encourage a new generation of collectors.”

I am sure that they will. His view was backed up by an Olympic gold medallist, Rebecca Adlington OBE, who, when launching the “Countdown to 2012” commemorative coins, said that the Olympic games is just around the coiner—[Laughter.] A Freudian slip there. She said:

“The Olympic games is just around the corner and this coin is a great way for the British public to show its support for the sports men and women who are already preparing for this ultimate sporting challenge.”

The issuing of gold coins representing the ethos and history of the Olympic movement has been a key part of the build-up to the Olympic games for centuries. To celebrate the 30th Olympiad, the Royal Mint has already begun issuing its gold coin collection, with the distinction of being the only coins to feature the Olympic rings as part of their design. The complete collection will eventually contain nine coins, comprising three separate three-coin sets inspired by the famous Olympic motto, to which we have already heard reference, “Citius, Altius, Fortius”—faster, higher, stronger. The Faster series, inspired by the classical heritage of the Olympic games, presented in a luxurious hardwood walnut case, is already on sale and available. Each of the three coins features a different Roman god, representing and inspired by the classical heritage of the Olympic games. The 1 oz coin features Neptune, god of the sea, who will look after the sport of sailing. The ¼ oz coin features Diana, goddess of hunting, who will look after the sport of cyclists. The other coin represents Mercury, the god of speed, who will look after the athletes.

I end on one small point of concern about the Bill: the reference to a “kilogram”. Although I support the Bill and its intentions, I would much prefer it to refer to 32.1507466 troy ounces, because gold is normally dealt with in troy ounces.

[Tom Brake]

Does the hon. Gentleman not agree that that is precisely why it will be a 1 kg coin?

[Mr Nuttall]

I do not accept that point. I see no reason why coins could not be minted in troy ounces, as gold bars are. There is no difficulty in selling gold bars.

With that one small point, I commend the Bill to the House and wish it well through the parliamentary process.