Skip to main content
Track all markets on TradingView
MDA Updates

October 2023

EDITORIAL: Cash in a time of increasing uncertainty

This past month, the Mint Directors Conference was hosted by the Royal Canadian Mint in Ottawa with the theme ‘Minting for the Future’. It is five years since the Minting industry last held its conference, which on that occasion was in Korea hosted by the Korean Mint, known to all in the industry as KOMSCO. With over 260 delegates and an array of outstanding Mint industry and guest speakers, this year’s conference was an outstanding success. Congratulations to the Royal Canadian Mint team so brilliantly led by CEO Marie Lemay and supported by the great organising team of Michelle Richardson, Michael Groves, Deneen Perrin and the many other staff who so enthusiastically were involved. The keynote address to open the conference was by Stephen Poloz, former Governor of the Bank of Canada. He spoke about the uncertainty in the world and in that context described some scenarios that strategic planners need to consider in future planning. The takeaway message for the coin industry was that in such uncertain times, and potentially with even greater uncertainty, consumers and retailers that have become cashless will look for mediums that provide certainty and stability. We were reminded in a panel session later in the conference that cash provides that certainty and stability – while its purchasing power may change with inflation, a dollar coin is a dollar and it is both physical and reliably transaction-able. We also need to be reminded and to remind others that cash has no ‘strings’ attached. It does not attract a fee for use, is not a vehicle that encourages us to spend more than we have, and is ubiquitous for more than just the older generation. Central banks and policymakers are reminded, as were those who attended the conference, that not only must cash continue to be available in the world of growing uncertainty, it must be readily accessible. While it is one thing to regulate that cash must continue to be part of the transaction environment, that mandate must be accompanied by a commitment to ensure everyone has access. Facilitation at the conference certainly provided the opportunity for delegates to be actively involved in this discussion, which made the sessions highly interactive and very engaging. Next month we will provide a summary of some of the outcomes from what again was a highly successful Mint Directors Conference.

Introducing MDA – Mint Directors Association Ltd

At the MDC conference the designated Chair of the Mint Directors Association announced the formation of the Mint Directors Association Ltd – a not for profit Incorporated Association currently comprising 19 Member Mints from around the world.

Membership is open to any sovereign Mint with membership criteria for broader membership of MDA to be finalised at the next meeting of MDA Ltd, to be held in Berlin in early February 2024 at the World Money Fair (WMF).

Broadly its purpose is:

MDA, with a public sector interest, promotes the mint industry’s role, contribution and significance. It promotes the sharing of information that will help address challenges and foster opportunities for circulating coins, collectible coins and bullion. It provides a forum that encourages innovation and presents best practices be they technical, marketing or experiences.

The elected seven-person Board is:

  • Chair: Marie Lemay – Royal Canadian Mint representing North America
  • Deputy Chair: Leigh Gordon – Royal Australian Mint representing Japan, Korea, Asia and Australia
  • Treasurer: Anne Jessop – The Royal Mint
  • Board members:
    • Marc Schwartz – Monnaie de Paris representing Europe
    • Kenji Goto – Japan Mint representing Japan, Korea, Asia and Australia
    • Maria Isabel Valldecabres – Spanish Royal Mint representing Europe
    • Vacant – representing Africa/ Middle East and Central Asia

At a meeting of what was the old MDC, also held at the conference, it was decided to dissolve the MDC’s governance and constitution structure and to refer to the broader Minting industry, which are not members of MDA Ltd, as a network of International Mint Directors (IMDN).

MDA Ltd will organise an annual industry networking meeting to be referred to as IMDN, also to be held in Berlin at the WMF.

‍