The Royal Mint to cease coin production for foreign countries from end of 2024

Started by eurocoin, April 12, 2024, 10:06:02 PM

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<k>

Quote from: eurocoin on May 14, 2024, 07:48:01 PMThe Royal Mint has informed me that Tower Mint will be manufacturing 12-sided pound coins for the British Overseas Territories that use the 12-sided pound coin.

The Royal Mint will also no longer mint circulation coins for the Crown Dependencies and British Overseas Territories that used to be customers of the mint, such as Guernsey, Jersey and Saint Helena and Ascension.

So only the Tower Mint will now mint circulation coins for the Crown Dependencies and the British Overseas Territories?



Bimetallic pound coins.jpg

So far as I know, apart from the UK, only the Falkland Islands and Saint Helena-Ascension use bimetallic 12-sided pound coins. Am I right?
Visit the website of The Royal Mint Museum.

See: The Royal Mint Museum.

andyg

Pobjoy issued one for one of those none places, it had an iceberg on.
always willing to trade modern UK coins for modern coins from elsewhere....

<k>

Quote from: andyg on May 14, 2024, 09:26:43 PMPobjoy issued one for one of those none places, it had an iceberg on.

Hmm. We'll have to send you on a holiday there for that, with no electricity or heating.  ;D

British Antarctic Territory. Nobody there needs money, of course.

The bimetallic pound coins of 2021 and 2022 are collector coins only.
Visit the website of The Royal Mint Museum.

See: The Royal Mint Museum.

eurocoin

Quote from: <k> on May 14, 2024, 09:05:54 PMSo only the Tower Mint will now mint circulation coins for the Crown Dependencies and the British Overseas Territories?

Not necessarily. Issuers like the Cayman Islands and Bermuda may decide to use a different mint for this. But we can assume that indeed the circulation coins of Jersey, Guernsey, Isle of Man, Falkland Islands, Saint Helena and Ascension and Gibraltar will be minted at Tower Mint.

QuoteSo far as I know, apart from the UK, only the Falkland Islands and Saint Helena-Ascension use bimetallic 12-sided pound coins. Am I right?

Yes, that is correct. Only they have issued 12-sided pound coins that actually circulate. Gibraltar will introduce its own 12-sided 1 pound coin this year. The Isle of Man is currently considering the introduction of a 12-sided 1 pound coin, and I expect that it will happen there too within the next few years.

<k>

Visit the website of The Royal Mint Museum.

See: The Royal Mint Museum.

Big_M

Quote from: eurocoin on May 14, 2024, 07:48:01 PMIt is unclear whether The Royal Mint will still open a British-Egyptian mint in the Suez Canal Economic Zone. The mint refused to provide information about the status of these plans.

The Royal Mint also cooperates closely with Dar As-Sikkah (the mint of the Bank of Morocco). The Moroccan commemoratives are possibly minted at (or with close support of) the Royal Mint, too. Any news about these arrangements?

eurocoin

Quote from: eurocoin on May 14, 2024, 07:48:01 PMThere are currently no changes planned in regard of the VIP tours and The Royal Mint Experience, however the company will keep this under review.

I should add here that it seems to be not going well with The Royal Mint Experience. The number of visitors appears to have decreased drastically.

eurocoin

The Royal Mint will also cease all production of circulating coin blanks from the end of this year. Instead, they will now purchase coin blanks for the production of UK circulation coins from external suppliers. The plants that were used for the manufacturing of coin blanks will instead be used for the gold extraction. 200 staff members who were involved in circulating coin production were offered jobs at the new recycling plant, but at least 120 of them decided to leave the mint. They received a full year's salary up to 30,000 pounds.

The production of commemorative coins in BU quality, which normally took place in a different part of the mint, will be moved to the area adjacent to The Royal Mint Experience so that visitors can still see coins being manufactured. These presses will also be used for UK circulating coins, when a new order is being placed by the treasury. Of the approximately 40 coin presses at The Royal Mint, only a few will remain in use.

The Royal Mint's circulating coin division is expected to have made a 30 million pound loss over the financial year 2023/2024.
In 2021/2022 this part of the company made a 4.3 million pound loss and in 2022/2023 the loss was 13.1 million pounds.

eurocoin

I wonder how this is going to work for the 1 pound coin. Are these foreign blank manufacturers able to add the luminescent particles. Or would they omit them going forward?

eurocoin

Quote from: eurocoin on July 30, 2024, 08:11:05 PMI wonder how this is going to work for the 1 pound coin. Are these foreign blank manufacturers able to add the luminescent particles. Or would they omit them going forward?

The Royal Mint informed me that: "The composition of UK coins will not change and any advanced features/components will continue to be manufactured on site at The Royal Mint".

Still not sure how that is supposed to work, as I thought that these particles were embedded into the alloy of the blanks. And if the mint does no longer manufacture blanks, how are they going to put the particles in the alloy? Maybe the blanks are only being bathed in the substance, instead of it being part of the melting process.