British Mint to Halt Foreign Coin Production
The entity that became the British Royal Mint was founded in 886 AD. At its height, it was producing coins and coinage blanks for 80 countries.
What is now the British Royal Mint was founded in 886. In 1325, it began striking coins for a foreign entity when it produced coins for King Edward II for use in Bordeaux. At one time, the BRM had branch mint facilities in Bombay (India), Melbourne (Australia), Ottawa (Canada), Perth (Australia), Pretoria (South Africa), and Sydney (Australia).
All the branch mints are now gone. Some are operated by the country in which they are situated. Others simply closed. At its height, the BRM was producing coins and coinage blanks for 80 countries. The Mint’s 2022-2023 annual report indicates that the number had declined to 22 countries during that fiscal year. The list of client nations is proprietary but is believed to include Australia, Jamaica, Iceland, New Zealand, South Africa, and Thailand.
This close-to 700-year-long endeavor of producing coins for foreign nations will end on December 31. At that time, the BRM will cease all coinage production except for the requirements of the United Kingdom.
Diminishing revenue and rising overhead led Royal Mint Chief Executive Anne Jessopp to decide to diversify the mint's offerings in the future.
According to a Mint spokesman, “The decline of cash use globally has been a catalyst for change at the Royal Mint, spurring innovation and a portfolio of new businesses. The success of these growing businesses means we will stop taking new overseas currency orders and transfer employees into alternative roles. This ushers in a new chapter for the Royal Mint, safeguarding our long-term employment and profitability. We remain fully committed to making UK coins, which has been at the heart of the Royal Mint for 1,100 years.”
The spokesman continued, “Our expertise in coin making has enabled our growth into areas such as precious metals investment and luxury jewelry. We have made a significant investment of over £17 million into new businesses, including a world-first plant to recover precious metals from electronic waste opening this year.”
The Royal Mint became a member of the Singapore Bullion Market Association on January 31, 2024, looking to expand the mint’s precious metals offering in Southeast Asia. The UK Bullion Britannia is particularly popular in that part of the world. The BRM reported a 537 percent increase in total gold ounces sold in Singapore year on year from 2021/22 to 2022/23, with an additional 187 percent year total silver ounces sold during the same time.
Nick Bowkett is the head of bullion sales at the BRM. According to Bowkett, “As one of the most stable jurisdictions in the world, with goods and service tax exemption on investment precious metals, Singapore has become renowned internationally for the storage of precious metals. This signals an exciting chapter for the Royal Mint and not only highlights our expertise in precious metals but also drives greater awareness of our precious metals offerings throughout South-East Asia.”
On January 26, 2024, the Mint officially partnered with the Ministry of Defense’s Defense Equipment Sales Authority to provide an innovative and sustainable solution for disposing of electronic defense equipment. Approximately seven percent of all mined gold is estimated to be in and can be reclaimed from electronic equipment waste.
According to the BRM website, “The Royal Mint is using patented technology – created by [the] Canadian-based company Excir – to recover precious metals contained within circuit boards at ambient temperatures. The approach reduces the environmental impact of electronic waste and embraces the principles of a circular economy.”
The British Royal Mint is one of many government-owned mints that has diversified its product line or services beyond circulation and collector coins. Some mints produce jewelry, medals, and statuary. Other mints offer refinery services.
The BRM operated from the Tower of London until about 60 years ago, when it was relocated to Llantrisant, Wales. The mint is now building an additional plant in Llantrisant to reclaim 99 percent of the gold in junked electronic items. The plant is planned to be unveiled later this year.
The change from producing coins for foreign countries to reclaiming and then making the retrieved gold into jewelry will impact about 200 jobs at the mint. The mint indicated that the affected staff will be offered jobs in new and growing areas of the business, including the gold recycling plant.
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