All Change at the Royal Australian Mint

Titled ‘Change’, the Royal Australian Mint’s 2023 annual report is aptly named for an organisation, and industry, that experienced multiple significant changes over the course of last year.

The Mint introduced a new royal effigy on its circulation coinage, carried out extensive renovation of its public facility, and implemented the first stage of an upgrade to its e-commerce platform.

Circulating coinage

Banks requested a total of 47 million circulating coins over the course of the year, a 57% decrease from the 110 million pieces provided in 2022-23. The Mint noted that sales of Australian circulating coin to commercial banks remained inconsistent to historical trends – with sales no longer considered regular, and total volumes also considered low.

Reduced orders from the banks wasattributed to the work of the Australian Banking Association and key retailers, who engaged with the cash-in-transit sector to ensure the continued provision of cash to the community. Commercial banks then drew on their coin reserves rather than ordering new coins from the Mint, resulting in a significant reduction in revenue from the sale of Australian circulating coins to commercial banks.