News in Brief

Swissmint Announces Major Changes

Swissmint has announced the launch of a new alloy for its silver coins alongside the rebranding of all new collector coins under the title and brand ‘Eidgenössische Sondermünzen’ (Swiss special coins).

The new alloys will comprise of .9999 fine silver instead of the previous .835, and the Mint has also announced the discontinuation of Christmas coins sets, folders and trial mintings.

The first coin to feature the new alloy – the Mani Matter CHF 20 silver coin – was released this week, in honour of Swiss singer-songwriter and lawyer Hans Peter ‘Mani’ Matter.

The launch of the new brand has been assisted with a new website and magazine, plus changes to the coin packaging. Swissmint has stated that ‘the word “Swiss” will be used to refer clearly to the origin’, aiming to create recognisable coins under the new brand that are distinct from other suppliers.

More information about the changes at Swissmint and the new coin can be found on their website.

US Coin Production Continues to Top One Billion

According to the latest October figures from the US Mint, coin production has surpassed 1 billion coins for the second month in a row. The Mint struck just over 1.177 billion coins for circulation, an increase of 17.3% from September figures, although a decline of 3% from the same time last year.

Total year to date figures currently stand at just under 11.868 billion coins, a reduction of 4.6% through the same period last year. The highest produced denomination remains the 1 cent coin, albeit the October figures are a new low for production, representing 38.9% of circulating coins produced compared to last month’s figure of 42.4%.

Ethically Sourced Gold from Royal Canadian Mint

The Royal Canadian Mint has announced the launch of its first, fully segregated single mine gold bullion coin. The coin is composed entirely of gold extracted by Agnico Eagle at its Meliadine Mine in Nunavut (Canada).

‘By launching a new bullion coin made of gold sourced entirely from Agnico Eagle’s Meliadine mine, we are also showing the market that we can offer bullion with the highest possible integrity, guaranteeing that it originates from a single Canadian mine’, said Marie Lemay, President and CEO of the RCM.

The coin is protected by Bullion DNA™, a proprietary technology that creates a unique digital fingerprint that can be used to authenticate each item.

The reverse of the coin features the hallmark of the Mint’s Maple Leaf family of bullion coins, Walter Ott’s detailed engraving of a Sugar Maple leaf. Radial lines surround the central design, with a maple leaf-shaped security mark micro- engraved underneath. The security mark contains the engraving of the number ‘22’ – visible only under magnification – to denote the year of issue. The privy mark, of a hand cradling a globe, symbolises the single- source provenance of the coin’s 99.99% pure gold.

The December issue of Coin & Mint News will explore ethical sourcing more extensively.

OeNB and Austrian Mint Promote Cash with New Platform

The Oesterreichische Nationalbank (OeNB) and the Austrian Mint have launched the Euro Cash 360° Platform to promote the role of cash and ensure open dialogue between stakeholders. Consumer organisations, employee representatives, the Senior Citizens Council and the Association of Municipalities have also joined the initiative to promote cash.

The key objectives of the Euro Cash 360° Platform have been detailed as follows: 

• to ensure a comprehensive flow of information between stakeholders;

• to strengthen and secure the position of euro cash in Austria against the backdrop of cash being the only non-profit-oriented means of payment in an increasingly digital payment space, and; 

• to involve the people living in Austria, who are considered crucial, especially in light of advancing digitalization.

‘As a member of the Eurosystem, the OeNB is tasked with maintaining trust in the common currency and trust in cash. Our declared focus is on ensuring stability and security. We created this platform as a way to raise awareness in society, in particular in the current environment of multiple crises,’ said OeNB Governor Robert Holzmann at the launch.

First Croatian Euro Coins Available

The Croatian National Bank has announced that initial packages of Croatia’s new euro coins will be available to purchase from 1 December. Although Croatian citizens can purchase the starter kits of the new coins from next month, they will not become legal tender until 1 January 2023.

The initial packages will be on sale at bank and FINA (Croatian financial agency) branches, and post offices. Each package contains 33 euro coins worth €13.28 in total, with a limit of two bags able to be purchased per transaction.

A total of 1.2 million pieces will be made available for individuals to purchase, with a further 200,000 available for business entities.

RCM Announces Third Quarter Results

The Royal Canadian Mint (RCM) has released its financial results for Q3 2022.

The results are below 2021 levels, but this is not unexpected says the RCM, given ‘exceptional performance seen in 2021, and planned operational maintenance in 2022’.

Overall profitability decreased quarter over quarter, from lower foreign circulation volumes and higher planned operating expenses, with 10% lower revenue for the Mint compared to 2021. Consolidated revenue also decreased to $728.7 million from $811.6 million in 2021, including a reduction in revenue from the foreign circulation business 58% quarter over quarter, due to lower production and shipping volumes.

Gold bullion volumes increased by 14%, as did revenue from Canadian coin circulation products and services – increasing 27% quarter over quarter – with the latter due to coin production needed to replenish circulation inventory revenues and higher Alloy Recovery Program (ARP) metric tons processed during the period. Sales of numismatic products were consistent quarter over quarter at $24 million.