An Update on The Royal Mint

With the end of The Royal Mint’s year including the release of a new gold bullion design, and the beginning of this year marking announcements of its sustainability progress and a partnership with the Ministry of Defence to recycle electronic waste, Coin & Mint News™ covers the most recent updates from the organisation below.

Sustainability Efforts Continue to Advance

The Royal Mint (TRM) opened this year by announcing that its net zero targets have been formally validated by the Science Based Targets initiative (SBTi). SBTi is a global body that defines and promotes best practice in science-based target setting, independently assessing and approving companies’ targets in line with its strict criteria.

TRM has committed to reaching net zero greenhouse gas (GHG) emissions by 2050 across its own operations and within its supply chain. It aims to reduce its scope 1 and 2 GHG emissions – including those generated from electricity and gas use – by 90% by 2050, and its scope 3 GHG emissions – including those generated from purchased goods and services, waste management, and business travel – by 90% in the same time period.

The Mint has also set more near-term targets for 2030, aiming to reduce absolute scope 1 and 2 GHG emissions by 42% and its absolute scope 3 GHG emissions by 25%. Further, it has joined the ‘Business Ambition for 1.5C campaign’, which provides an urgent call to action to achieve the target of limiting global warming to 1.5C.

The validation of its net zero targets joins TRM’s prior actions to decarbonise its on-site energy use via the launch of its local energy centre (see CMN November 2023) and the planned opening of a precious metals recovery plant on its site in Llantrisant, South Wales, later this year.

In addition, TRM has announced a new partnership with the UK Ministry of Defence’s Defence Equipment Sales Authority, to provide a sustainable solution for the recycling of military electronic devices.

Utilising Canadian-based Excir’s patented technology, TRM will recover precious metals contained within the equipment’s circuit boards at ambient temperatures and process and reuse them in their products. The partnership aims to process several tonnes of retired and surplus defence equipment, which typically contain high levels of gold and other rare metals, each year.

Five New Designs for the 2024 Annual Set

To mark the beginning of a new year, TRM has released its latest annual set for 2024. Each set contains 13 coins – a complete 2024 definitive set of the circulating coins, plus five commemorative coins. These sets are the first of TRM’s annual sets to feature King Charles III’s definitive coins. The commemorative coins included within each set are as follows:

• 50p commemorating the 200th anniversary of the Royal National eight Lifeboat Institution (RNLI)

• 50p celebrating Team GB and ParalympicsGB’s participation at the Paris 2024 Olympic Games

• £5 Buckingham Palace coin, marking 187 years as the official London residence of the British monarch

• £2 marking the 150th anniversary of the birth of famous wartime politician and prime minister Sir Winston Churchill

• £2 commemorating the 200th anniversary of the opening of the National Gallery in London.

The sets are available in BU, proof, premium proof, and silver proof versions. The proof and premium coin sets also contain an exclusive medal, with the former a square version featuring The Royal Mint Crest, and the latter a circular medal detailing the themes celebrated in the 2024 annual sets on one side and the Crest on the other.

Mintage of the proof and premium sets has been limited to 7,500 and 2,024 sets, respectively, with both sets accompanied by the exclusive medal and a presentation box. Mintage of the silver proof set is limited to 500 sets, with each accompanied by a booklet that explores each theme commemorated in the set.

TRM has stated that for every 2024 Annual Set sold, it will make a contribution to both the RNLI and ParalympicsGB.

The Royal Mint Becomes a Member of SBMA

The Royal Mint has announced that it has become a Foreign Associate Corporate member of the Singapore Bullion Market Association (SBMA), which operates in Singapore and the Asia-Pacific region.

TRM has said that it the membership will enable it to ‘drive greater awareness of its precious metals offering’ in the region, with a reported 537% increase year-on-year in total gold ounces sold in Singapore, making it a growing market for the company’s precious metals division. The Britannia Bullion coin range is particularly popular in the region, and TRM has said that it has ‘its sights firmly set on expanding this offering’.

As part of its Foreign Associate Corporate membership, TRM has also joined ABC Bullion and the World Platinum Investment Council.