Royal Mint to stop making overseas coins

[paulmerton]

Wow! Quite big news. According to their last annual report: "Overseas deliveries of coins and blanks amounted to 1.34 billion pieces in 28 countries."

https://www.thisismoney.co.uk/money/saving/article-13301069/Royal-Mint-stop-making-overseas-coins-700-years.html

 

[CoinCupboard]

Quite sad, but if they are making that much of a loss, you can see why. 

Does that mean they will be focusing on quality of the U.K stuff a bit more too? 🤔

[Bruce06]

End of an era....by the way, it's mentioned the staff will be transferred to gold recycling works, which sounds RM will soon accept trade in of old cell phone to extract gold from it.

[paulmerton]

Just now, Bruce06 said:

End of an era....by the way, it's mentioned the staff will be transferred to gold recycling works, which sounds RM will soon accept trade in of old cell phone to extract gold from it.

Anny J made the decision after seeing today's gold prices maybe.

[Bruce06]

Just now, paulmerton said:

Anny J made the decision after seeing today's gold prices maybe.

Ha yes🤣

[Olivard]

Presumably in this new plant they can also recover the gold from sub-standard proof coins. 🤣

[Bruce06]

5 hours ago, Olivard said:

Presumably in this new plant they can also recover the gold from sub-standard proof coins. 🤣

Oh, maybe they have to hire more employees for that task due to its usual standard😅.

[paulmerton]

Another thought on this is that it could expedite the phasing out of UK coinage too.

However far away that is, I wonder if it would have any impact on the CGT exemptions on legal tender.

[Bruce06]

I think in medium to long run, physical banknotes and coins maybe only left for commemorative purpose.

[Britannia47]

The RM has been trying to diversify even before ‘Covid’ to compensate for the Worldwide downturn in circulating coinage.

However, the RM will find much competition from all the other “Mints” such as The Tower Mint, amongst others, originally founded by Raphael Maklouf.  It seems this mint took over from the Pobjoy Mint who lost its Isle of Man contract and is now out of business. ( I digress !) In turn every mint will have to rely on commemoratives or bullion perhaps…

https://www.towermint.co.uk

This company has interesting partners…….!

[Petra]

A business decision… luckily for staff there is other things they can do🤔🤔