With the recent launch of Apple Pay many commentators have been suggesting the end is nigh for cash and coins. However, Royal Mint has revealed today that the demand for coins rose in the past year.
In its annual results, the Royal Mint revealed that it supplied 2.4 billion coins, marking an increase of nearly half a billion from the 2013/14 year (2.0 billion).
Overseas demand continued to grow and more than 2.2 billion coins and blanks were manufactured for 29 different overseas countries over the twelve month period (2013-14: 2.0 billion coins and blanks to 25 countries).
The Royal Mint also secured a number of contracts with overseas countries which involve transitioning denominations from banknotes into coins.
The Mint has described this year’s results as showing “considerable progress in achieving and delivering key long-term strategies for Circulating Coin”.
However, it will be interesting to see how these results will differ in the 2015/16 year. By that point Apple Pay will have been an offered service for a whole year, Samsung Pay, which will be released in the next few months, will also be a viable option and it contactless cards and devices will have undergone another upgrade.
Nevertheless, even if this is but a mere stay of execution for the payment method, it appears the Mint could still have some sort of future.
The organisation’s Commemorative Coin business experienced another strong year with operating profit rising 6 per cent to £9.9m (2013-14: £9.3m).
Results were boosted by a favourable mix of anniversary and product themes, as well as the introduction of some innovative products including the UKs smallest coin – a fortieth-ounce gold Proof coin depicting Britannia only 8mm in diameter.
The introduction of a face value £100 coin featuring Big Ben sold out in a number of days and popular themes such as the 800thanniversary of the Magna Carta, the anniversary of the outbreak of the First World War and 50 years since the death of Sir Winston Churchill complemented a successful product offering.
“We are pleased to report that for the second year in a row we have exceeded the Ministerial target of a 10% return on average capital employed, and achieved all the other Ministerial targets. Over the last year The Royal Mint has made large steps forward strategically as we continue towards our vision ‘To be proud to be recognised as the World’s Best Mint’,” said Adam Lawrence, Chief Executive of The Royal Mint.
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