May 2023
EDITORIAL: The many roles of a mint
As the demand for circulating coin continues to come under pressure from digital technology, Mints of the world should not only remind their policy makers of the important function that cash/ coins play in supporting their economy but also take the opportunity to reflect on the broader role their Mints play.
While the core business for Mints – and in many cases their raison d’être – is to provide circulating coins for their country, many are or can also be:
- the supplier of precious metal coins
- the conveyor/ presenter of stories though the provision of numismatics/ collectibles
- the supplier of extraordinary and valuable gifts
- the story teller of the history of coins in their country, and
- the demonstrator of sustainable modern production processes.
During COVID many Mints of the world experienced a surge in demand for circulating coins, and while visitation to their galleries/ production facilities was down (for obvious reasons), the demand for numismatics, precious metal and precious metal gifts was remarkably strong.
Why was this? Not only were the regular customers active but a new cohort of buyers emerged, and many were not just the over 60s. Younger and middle-aged people looking for tangible items and things of value, at a time when so much around us was ‘untouchable’, became a driver for purchasing.
The challenge is how to leverage this demand particularly while circulating coins continue to be released and are in circulation. There are numerous examples of how Mints have taken advantage of this increasing interest in coin collecting and gift buying, and it is their examples and stories that can help other Mints grow this other role of the Mints.
SUSTAINABILITY CASE STUDY: Engaging youth in STEM learning and exploration
The Royal Mint was recently featured in a podcast broadcast on Funkids Radio, which informs young people about the latest innovations in science and technology to showcase engineering.
The Undercover Engineers podcast focuses on engineering projects that are helping to save the planet from a sustainability perspective and helps to encourage children to study STEM-related subjects and create the engineers of tomorrow.
The podcast is part of the Royal Mint’s strategy to support the community and promote interest in STEM-related subjects amongst children. The podcast was a perfect first step allowing the Mint to provide valuable insight into the life of an engineer at The Royal Mint and promote its brand.
The podcast opportunity was presented to the Mint by the IET (Institute of Engineering and Technology) during discussions around The Royal Mint participating in the First Lego Leagues, a competition that guides youth through STEM learning and exploration at an early age.