Summary

Proof 10 Cents, Issued by Hong Kong, 1935
Minted by Royal Mint, London

Obverse Description

Crowned bust of George V facing right; around, GEORGE V KING AND EMPEROR OF INDIA

Reverse Description

At centre within a beaded circle, four Chinese characters; around above, HONG-KONG; below, . TEN CENTS 1935 .

Edge Description

Milled

Significance

On 19 June 1934 the United States President Roosevelt signed into law the Silver Purchase Act, 1934, in August he nationalized the metal and gave 90 for all (but some specifically exempted sources) be sold to Treasury. 109 million ounces were purchased by the US Treasury. In May 1935 a silver futures trade bwgan in London. As a result during 1935 $174,817,946 worth of silver was exported from the colony, including most small change silver coins. On 9 November Hong Kong officially abandoned the silver standard. The Annual Reoport of the Deputy Master and Comptroller of the Royal Mint for 1935 records the production and shipment of 1 million copper-nickel 5 and 10 million 10 cent coins before the end of the year. The coins were legal tender up to $2 worth.

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