£1 States of Jersey Coin: Demonetisation: Law drafting instructions

Information about the publication of Ministerial Decisions

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

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demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision
providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

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A decision made 13 January 2017:

Decision Reference: MD-TR-2017-001
Decision Summary Title:	Demonetisation of the States of Jersey £1 coin		Date of Decision Summary:	4th January 2017
Decision Summary Author:	Fund Accountant		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Demonetisation of the States of Jersey £1 coin		Date of Written Report:	21st December 2016
Written Report Author:	Fund Accountant		Written Report : Public or Exempt?	Public
Subject: Demonetisation of the States of Jersey £1 coin from 1st April 2017
Decision(s): The Minister for Treasury and Resources approved the demonetisation of the States of Jersey £1 coin and agreed that an Order should be prepared by the Law Draftsman.
Reason(s) for Decision: Under Article 5 of the Decimal Currency (Jersey) Law 1971 the Minister has the power, by order, to call in coins issued in pursuance of – (a) this Law; or (b) the Decimal Currency (Jersey) Law 1969. The technology of the current £1 coin is no longer suitable for a coin of its value leaving it vulnerable to counterfeiters. Approximately one in thirty of the UK £1 coins in circulation is a counterfeit. The new UK £1 coin is to be introduced in March 2017 with a six month co-circulation period and the existing UK £1 coin is to be demonetised in September 2017. The new UK £1 will be in circulation in Jersey. The States of Jersey £1 coin will be demonetised in line with the UK as, in addition to the lack of suitability, continuing with an almost identical coin to the defunct UK coin could cause confusion for the public. The States of Jersey retains the option to issue a new £1 coin at some point in the future.
Resource Implications: Current annual revenues for the £1 coin to the Currency Fund are less than £10,000
Action required: Head of Treasury and Investment Management to instruct the Law Draftsman to draft Decimal Currency (calling in of one pound coins) (Jersey) Order.
Signature:		Position: Senator Alan Maclean Minister for Treasury and Resources
Date Signed:		Date of Decision: