Author Topic: Tower Mint no longer only producer of Gibraltar coins  (Read 122 times)

0 Members and 1 Guest are viewing this topic.

Offline eurocoin

  • Honorary Member
  • *****
  • Posts: 1 993
Tower Mint no longer only producer of Gibraltar coins
« on: November 11, 2017, 01:24:31 PM »
Last year Tower Mint's exclusive contract it had with the Government of Gibraltar for circulating coin minting expired. The company obtained the contract after it won a tender in 2011. The Government of Gibraltar has decided that it will no longer tender the circulating coin minting. Instead when they need coins to be minted they will ask (usually) UK mints for quotes and the company that offers best price and conditions gets the order.

Many collectors were happy with the news as it leaves the possibility open that other mints will again produce coins for Gibraltar. They are fed up with Tower Mint's bad quality coins and ugly designs.

Offline Figleaf

  • Administrator
  • Honorary Member
  • *****
  • Posts: 25 632
Re: Tower Mint no longer only producer of Gibraltar coins
« Reply #1 on: November 18, 2017, 12:28:50 PM »
Economically, it is a bad decision. Rather than let everyone compete, the competition is restricted to a short list based on short-sighted neo-colonial preferences. That will cost money. It is not for nothing that the World Trade Organisation has a code on government procurement that advocates public tenders: they serve economic efficiency, so everyone benefits.

If the worry is indeed quality, that can be solved very well in the tender process. The techniques are well known and routinely used. I would be more concerned about the multi-year and exclusive character of the contract. Those are unnecessary and counterproductive restrictions.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.