US Mutilated Coin Program Permanently Abolished
Earlier this year, the US Mint published a proposal to abolish its Mutilated Coin Redemption Program, relating to the face value exchange of bent and partial coins. The Mint noted in its announcement that not only does the program operate at a loss, but it is too cumbersome to practically manage because the sheer volume of coins submitted for replacement is in the millions. Previous submissions have included numerous counterfeit US coins, resulting in lawsuits and an indefinite suspension of the program.
The US government established the program in 1911 to enable the redemption of small amounts of damaged coin, and for 100 years it rolled along, with most coins submitted in small quantities from private citizens. In recent years, however, it has been overwhelmed by large submissions from commercial entities, including recyclers from China who flooded the program with coins totalling millions of dollars in face value, including counterfeits.
The program was suspended in 2015, reinstated in 2018, and then suspended again in 2019. A consultation on its future, in 2021, came up with a number of options to limit deposits by weight or origin. In this latest consultation, announced in May within the Federal Register, the Mint sought public comment on the proposal for outright abolition instead, noting that the number of organisations affected by the cessation of the program were likely to be small (see CMN May 2024).
‘The number of entities tendering significant quantities of coins for redemption in the past has been small’, it noted. ‘A large number of entities redeeming coins in the past were individuals—not businesses’, although a ‘wide variety of businesses, such as municipal entities, recyclers, coin processors, amusement parks, auto shops, and waste management companies have applied for coins to be redeemed in the past’.
Further to the consultation, which concluded at the beginning of July, the US Mint has published a final rule detailing the permanent closure of the program. The rule removes Treasury regulations relating to the exchange of bent, partial, fused, and mixed coins, subsequently ending the exchange program for bent and partial coin. Whilst the decision taken is definitive, it is still worthwhile to consider the comments submitted in response to the proposal.
... US Mutilated Coin Program Permanently Abolished
Many of the responses submitted via the Federal eRulemaking Portal were from those involved in metal recycling, including the Recycled Materials Association (ReMA) and Reserve Management Group. Other respondents included the National Armored Car Association (comprised of Brink’s, Garda, and Loomis), Coinstar, and Reworld Waste, amongst others. Several submissions initially requested an extension to the comment deadline – mostly to gather data and collaborate with other stakeholders and form their response.
The response to the proposed closure of the program was largely negative, in some cases vehemently so – in terms of respondents opposing its abolition. Reasons for opposition varied, but they included the following:
Several respondents noted that they believed the Mint had ‘failed to establish a rational basis for its proposed termination of the coin redemption program’.
Recovering and redeeming coins is an important aspect of the recycling process for recycled materials, for the nation’s domestic supply chain of metals, and the integrity of the nation’s coinage. With industry group ReMA, safeguards have already been proposed and protective mechanisms implemented to help maintain the integrity of the program. This includes implementation of requirements on the parties who may be qualified to redeem mutilated coins; and the establishment of certification and auditing procedures to ensure compliance by those participating in the program. (Alter, a metal recycler)
Concerns that elimination of the program will have a far greater impact than envisioned in the proposal, with any business that handles coin impacted either directly or indirectly.
Significant impact on companies, many of which have been involved in returning mutilated coin to the Mint for decades, and to the integrity of US coinage.
The scale of counterfeit coins submitted, and the confirmed impact this has on the program, in comparison to the volume of legitimate coin that is submitted and processed.
Recycled materials industry helps source more materials locally and sustainably, making the supply chain more secure and manufacturing more self-sufficient, and supporting a circular economy. Development of a ‘qualified’ redemption program, site inspections, and redemption service charges are
suggested to protect the program and ensure compliance. (Recycled Materials Association)
Concern that the proposed closure would negatively impact and additionally burden the country’s complicated coin supply chain, strain the uncurrent coin (which is often conflated with the mutilated coins under discussion) redemption program, exacerbate economic inefficiencies, and undermine public trust in the US currency system. The alternative proposed, melting, would create a two-step process for removal of mutilation coin from circulation, imposing additional costs and efforts on coin supply chain participants. (National Armored Car Association)
Recovering mutilated coins and submitting them for redemption is a valuable substitution for mined virgin metals and reduces the need for unsustainable mining. (Reserve Management Group)
Federal law mandates a mutilated coin redemption program, and the proposed termination ignores important policy grounds for the program. Operating losses are ‘not a valid reason’ for program termination and a detailed record should be supplied to justify the proposal. In addition, melting coins privately is not a reasonable alternative to the program, and the Mint can and should take reasonable steps to avoid accepting counterfeit coins. (Reworld Waste, waste solutions provider)
Common themes in these responses included, unsurprisingly, the impact on the businesses themselves, but also:
The recycling of metals for creation of new materials and support domestic metal supply
Ensuring the integrity of US coinage
Burdens on the existing supply chain, which is already dealing with preexisting challenges – such as recovering from the supply and demand gap created by decreased coin deposits and increased coin orders during COVID-19
Prior establishment of safeguards and suggested amendments to protect the integrity of the program and guarantee compliance.
Welcoming discussion of new approaches to guarantee compliance and certify companies to ensure continuation of the program.
The full responses to the proposal can be found here: regulations.gov/ document/USMINT-2024-0001-0001, whilst the final rule notification can be found here: federalregister.gov/
documents/2024/09/25/2024-21936/ exchange-of-coin
Permanent closure now confirmed
In its final rule publication, the Mint detailed concerns surrounding alternatives for disposal of partial or bent coins. It noted that there is no statutory or regulatory prohibition on melting dimes, quarters, half-dollar, and dollar coins when done without fraudulent intent.
However, there is a regulatory prohibition against melting pennies and nickels –based in part on the fact that the cost of producing these coins currently exceeds their face value – with a few minor exceptions such as if the presence of such coins is incidental or if separation of the coins from other materials would be impracticable or cost prohibitive. If an exception does not apply, then applications for licenses to melt pennies and nickels should be submitted to the Mint.
Lack of capacity and non-specification of additional requirements that would qualify participants as ‘trusted’ organisations were also cited as reasons for closure of the program. The Mint said that ‘none of these [suggested] controls’ – such as site visits, background checks, a certification process, or compliance with industry standards – ‘separately or together [were] sufficient to detect counterfeit coins’.
The published document is fairly extensive in covering concerns raised by respondents during the public comment period, including:
Recommendations from the Office of Inspector General for the program
Environmental concerns
Queries over the discretionary nature of the program versus legally mandated
The existence of counterfeit coins
Impact on circulating coins
Operating losses
Congressional intent
Maintenance of the program solely for low denomination coins
And the introduction of a coin redemption fee to help recoup some of the operating costs.
A common thread in the document is that the US Mint does not see any ‘financially responsible way for [it] to expand the resources devoted to the program necessary to meet the full level of demand’.
Given the vehement opposition to the proposed closure of the Mutilated Coin Redemption Program – at least judging by the public comments submitted – it will be interesting to see the wider industry response to this news.
News in Brief
RAM Re-Opens Following Refurbishment
The Royal Australian Mint’s newly refurbished facilities have officially opened following a $6 million upgrade of the public spaces, which is intended to elevate the Mint as an iconic Australian cultural heritage tourism destination.
Nearly 60 years after the then Duke of Edinburgh, Prince Philip, opened the Mint in 1965, the Governor-General of Australia, Sam Mostyn AC, re-opened the Mint’s facilities.
The Visitor Experience Enhancement Project – also known as VEEP – is a refurbishment of the Mint’s public spaces that aims to deliver improved experiences that showcase Australian stories through coin, and celebrate the people, artistry, precision engineering and unique skills of its workforce, said CEO Leigh Gordon. New features include creative interactive installations and a coin column containing 24,432 new dollar coins that took two weeks to glue into place. One of the installations, the trading ways installation, tells the story of how trade existed in Australia well before colonisation. ‘It was critical that this story be produced by an Indigenous-led team, and was developed in consultation with local First Nations groups, the Ngunnawal and Ngambri people’, noted Mr Leigh.
Poland Tops Gold Acquisition List
According to the World Gold Council, the National Bank of Poland (NBP) became the joint highest buyer of gold in the second quarter of this year, tying with India. Approximately 19 tonnes of the precious metal were purchased by the NBP, as the price of gold hit record highs of $2,500 per ounce.
Earlier this year, the president of the central bank, Adam Glapinski, noted that it was looking to ensure that gold comprises 20% of the bank’s reserves. As of the end of August, gold accounted for roughly 14.7% of the NBP’s reserves.
Poland is not alone in shoring up its gold reserves, with the World Gold Council noting central bank gold demand at 183 tonnes during the period, a 6% increase in year-on-year. Although this marks a 39% reduction quarter-on-quarter, net buying in the first half of the year had also increased by 5% compared to the same period last year. The Central Bank of Turkey added 15 tonnes to its reserves during the second quarter, bringing
its gold purchases to 45 tonnes so far this year.
The NBP has also noted investment in foreign equities and corporate bonds with the aid of exchange-traded funds as further method for the central bank to diversify its reserves.
Short-Term Increase in US Coin Production
The US Mint’s coin production has increased for the second month in a row, from 235.2 million coins in July to 405.2 million produced in August – with the latter consisting solely of cents (254.4 million) and quarters (150.8 million). The Mint has not reported any nickel or dime production for the fourth time this year. Although the figures mark a 72.3% increase compared to July, this is still a 60.7% decrease from the same month last year. The total coin output has also remained under 1 billion coins for the twelfth consecutive month, after previously surpassing that mark for eight months in a row.
This continues a trend of reduced coin production following two years of COVIDinduced coin shortages. Production dropped to pre-COVID levels in 2022 and 2023, at 11. 3 billion coins each year compared to 14.4 billion in 2020 and 2021. This figure only reached 2.5 billion for the first six months of this year, increasing to 3.3 billion coins as the yearto-date total. If this pace is maintained, the total for the year is estimated to fall just shy of 5 billion coins.
New Acquisition for Mauquoy Token Company
Mauquoy Token Company (MTC) has announced the acquisition of International Token Distributors (ITD), an established distributor in the metal and plastic token sector since 1998. MTC aims to solidify its position as a market leader in Belgium and neighbouring countries through the acquisition, leveraging synergies in logistics, customer service, and sales. MTC has been the primary supplier of ITD since its inception, and the former has said that it expects to expand its customer base and ensure continuity for ITD’s clients through the acquisition. It also enables MTC to actively target specific regions, utilising ITD’s existing network of partners and customers to distribute products more easily and efficiently. Managing Director of Mauquoy Token Company, Vincent Van Hecke, noted that the company’s separation from sister companies Royal Dutch Mint and Osborne Coinage earlier this year has enabled it to ‘fully focus on the tokens and blanks market’. ‘This acquisition is the first
milestone in our new growth strategy. In the coming months and years, we will continue to invest through acquisitions and expansion of our machinery.’
Comprehensive New Industry Glossary, Coins Included!
Reconnaissance International – the leading global source of business intelligence on currency, identity, authentication and traceability and co-publisher of Coin & Mint News™ – has unveiled a new industry reference glossary.
Written and edited by Reconnaissance experts, the glossary aims to support industry stakeholders by offering updated collections of crucial definitions and sector-specific terminology from a reliable source that professionals can trust. The glossary lists important definitions covering authentication, currency (both physical and digital – coin specific terminology included), holography, identity, tax stamps, and traceability. Currently available in digital format, users can view it on the Reconnaissance website or, alternatively, Coin & Mint News subscribers can access the reference via the ‘Glossary’ tab of the newsletter site. The definitions are listed alphabetically, and convenient tools such as simple text, links, and quick filters for each sector, allow for easy navigation and quick access to specific definitions.
Reconnaissance will update the glossary periodically, adding to the nearly 700 definitions as required. Users are invited to provide their feedback or suggest terms for inclusion to publications@reconintl.com
reconnaissance.net/glossary-allsectors/
L-R: Jonas Van De Venster (General Manager, MTC), Vincent Van Hecke (Managing Director, MTC), Yves Hermann (Former CEO, ITD).
All Change for HM Precious Metals
HM Precious Metals opened this year by announcing the addition of powder blanks producer Reischauer to its portfolio, followed shortly by the acquisition of Royal United Mint – which includes the Royal Dutch Mint, Osborne Mint, Dutch Value Logistics, and Tools & Dies.
Coin & Mint News™ spoke to Thomas Frey, CEO of HM Precious Metals, about its aim to provide a complete portfolio, recent rebrand from Heimerle + Meule, and future plans for the Group.
Q: Firstly, could you tell us a little about your background.
My background is originally in finance. Prior to this role, I worked in the machine building industry, as Managing Director of the Australian sales subsidiary of HOMAG and then as Director Asia-Pacific also becoming responsible for the strategy and product implementation in the region. I lived in Sydney for eight and a half years, and then moved back to Germany in 2014 to take over the role of CEO in Heimerle + Meule Precious Metals, responsible for leading the new Heimerle + Meule Group and the integration of the newly acquired Cookson companies.
Q: Could you provide an overview of the Group?
A: Traditionally, we are refiners – with Heimerle + Meule the oldest refining company in Germany, founded in 1845. From refining, we became involved in the production of products for jewellery, industrial, dental applications and precious metal trading. We collect the scrap metal wherever possible, bring it back into the cycle and recycle it again and again to make new products.
Cookson Precious Metals, comprising five companies, was purchased in 2013 and
the Heimerle + Meule Group was formed. We have increased our portfolio and grown wherever we can since then, expanding into the finished jewellery sector with the purchase of Birmingham-based (UK) Western Beamor in 2018. In 2022, we took the opportunity to take over the majority of shares in Commonwealth Mint, purchasing the remaining shares this year, so we are now the sole owner of the Mint.
We run several web shops that sell products to consumer (B2C), but we are mainly a business to business (B2B) organisation. The Group now comprises 14 active companies in nine countries.
Heimerle + Meule belonged to the Possehl Group in the first instance, which is a non-profit organisation based in northern Germany. We are one of 10 business units in this larger group, representing the precious metals business unit.
Q: You recently rebranded as HM Precious Metals, was there a key driver behind this?
A: We moved from being Heimerle + Meule Group to HM Precious Metals Group to highlight the internationalisation of the business and support the growth of the group. It also provides a more easily pronounceable name for our international clients and the suppliers that we deal with. We looked at the brands and wanted to create newer, fresher, logos using more modern fonts, for example.
Modernisation of our IT infrastructure and an enterprise architecture project
is something that we are embarking on, which is a major project that will take at least five years. Each company acquisition brings a new ERP system with it, and the more systems you are working with the more complicated it is to integrate, and so we are looking at all of this. Building up our webpages, creating a similar look for each of the brands, and establishing new customer relation management systems across the Group to better serve our customers, are all part of this project. After the latest acquisitions we are now in the process of reorganising our HM Precious Metals Group, adjusting the organisation to the new size of the business and preparing ourselves for the future.
Q: The Group has acquired several companies in recent years. Which sectors are you now involved in?
A: Following the successful integration of the Commonwealth Mint, the offer to acquire the Royal United Mint was appealing. It was particularly clear to us that including Osborne Mint in the Group would provide the opportunity to deal, and later possibly expand production, in the United States. The Royal Dutch Mint was a unique opportunity to add a traditional mint, founded in 1567, to the portfolio. Getting involved in the minting area in this way is a big change for our portfolio.
Another portfolio expansion was the acquisition of Reischauer at the beginning of this year, which provides us with the opportunity to be involved in powder technology and offer coins created from precious metal powder, particularly offering high relief minting products.
The Commonwealth Mint is obviously involved in the coin and minting division, as is SEMPSA as a producer of blanks. The latter also produces semi-finished products for the jewellery industry, and we have had to think about how we allocate some companies in the Group, as not all fit under one division.
Another is Heimerle + Meule in Germany, which is involved in both the industrial and precious metal processing sectors. Techgrave and Tools & Dies are both involved in the production of tools and dies for the Group, and Dutch Value Logistics handles deliveries and logistics for the Royal Dutch Mint.
We look to provide a complete portfolio for our customers in the precious metals sector, covering everything from refining and semi-finished products, to dies and toolmaking, blanks and mint products, and transport.
Q: Focusing on the minting division, what next for HM Precious Metals?
A: We are looking to separate the minting division into several strategic business units. One of which is circulation coins
handled solely by the Royal Dutch Mint, as the only business in the Group involved in this sector, which we will look to grow in the future. Commemorative products, collector and bullion products, and blank production are all proposed strategic business units, with honours and medals, and tokens as smaller businesses generally. Honours and medals are products created for the Dutch Palace by the Royal Dutch Mint, with the honours products mainly handcrafted, whilst tokens fall under Osborne Mint.
Q: Does the Group have any acquisition plans for the near future?
A: We are not actively searching for any new acquisitions as we need to digest our latest acquisitions as a group. However, if something comes up in the future – technology-wise or in a different part of the world that we are not currently present in, such as Asia – then we would definitely look into the opportunity. We are always open-minded as a Group, but at the moment we are focusing on our current investments.
Q: Sustainability is a key area of focus for mints and many organisations currently. Is this also something that the Group is focused on?
A: As part of the Possehl Group, we have the clear obligation to report our sustainable targets, and all our companies have dedicated people working on that. Whilst we have been installing solar panels, for example, we are already sustainable in much of our core business of refining. As mentioned earlier, this involves collecting the production waste, as all waste could contain precious metals, and reusing the scrap metal gathered.
Other examples include the Royal Dutch Mint’s award-winning sustainable practices and energyneutral facilities, our companies that offer carbon free minted products, Responsible Jewellery Council audited products and chain of custody gold for responsibly sourced materials.
We are continuously looking to improve our practices, not just to fulfil reporting and legal requirements but also because it is the right thing to do.
Q: Your background is not from the mint industry specifically. What have been your observations about the industry and its future?
A: It was initially quite difficult to convince our shareholders to invest in coins, partly because of the view
of coins, specifically of collecting, as a ‘dying space’. There are a vast number of people involved in this industry and knowing it much deeper now it’s interesting to see how organisations are evolving and involving younger people in collecting, particularly in the United States. This may not always be precious metal products or coins, due to the costs associated, but as these people grow older, they are then stepping into different areas. I think that this sector of the industry is a very sustainable type of business.
Reduced offerings or complete closures of state-owned mints are opening up new opportunities for us in the circulation coin business. There is still a lot of business out there for coins, and currency coins. There is a clear strategy for us to maintain and possibly grow here, to win customers, and to get more involved in this business. The Royal Dutch Mint is certainly not giving up on that, and we will take opportunities to grow wherever we can.
And finally, the precious metals bullion coin and investment bar business will continue to be interesting segments for the HM Precious Metals Group.
Q: Looking further into the future, where do you hope to be in the next few years?
A: The Possehl Group has a clear target to support non-profit organisations, which we will continue to do. The other focus, as HM Precious Metals, is to reinvest in our Group and continue to grow, not just in minting but in other industries such as industrial and recycling. Securing the sources of precious metals is also important, as this is core to not just our refining but also the creation of semi-finished products and coin and bar production.
Growth to different regions that we are not currently involved may also be a focus, but it must be the right opportunity at the right time.
We are confident for the future and there is an incredibly positive mood in our group, everyone is motivated and excited about what is happening – with the new acquisitions, branding, and the tools that we will be working with. There is a real commitment to this when talking to each of our companies.
We are building the new Group step by step, and together, to prepare for the future, which will be faster and more agile than it has been in the past.
Belgium Latest to Experience Coin Shortage
Earlier this year, the Belgian Treasury launched a #spendyourchange campaign encouraging citizens to use their loose change, following warnings from several key trade federations in Belgium of an artificial coin shortage.
With more than 4.2 billion coins currently in circulation in Belgium, with an estimated value of over €1.5 billion, the country is not lacking in spare change physically. However, many of these coins remain unused – whether lost down the back of sofas or stored in jars, for example – and retailers have reported issues with providing change that they do not have to customers.
In a joint statement issued two years ago by financial groups Febelfin, Comeos, and Unzio, ‘hoarding’ of 5, 10, and 20 cent coins was noted as a particular issue. Although the 1 and 2 cent coins are still valid as a means of payment in Belgium, cash rounding to the nearest 5 cent was introduced in 2014 and made obligatory for cash purposes as of 1 December 2019. The lowest denomination euro coins are therefore in use even less as a result.
In addition to the issue of coin availability, or lack thereof, production costs typically increase as more coins are minted to cover the deficit. The Belgian state has estimated that it could save more than €5 million in production costs each year if just 2% of these unused coins were recirculated. Not to mention environmental savings as an additional benefit – a reduction in emissions from minting and transporting coins, for example.
Whilst the campaign largely focused on spending the coins, Belgians have also been encouraged to deposit or donate them, as alternative options to ensure greater collection and ultimately recirculation of coinage.
As countries seek new methods to boost efficient coin circulation – including Hong Kong’s coin cart collection programme, the Philippines’ coin deposit machines, and India’s QR code-based coin vending machines – it may be time to consider more robust programmes, such as the above, to ensure that coin is reliably where it needs to be as and when it is required.
A Closer Look at the IACA Award Finalists: Part 1
In the August issue of Coin & Mint News™, we provided a brief overview of the ten finalists in the three categories of the 2024 IACA Excellent in Currency Awards. This month, we take a closer look at each of the finalists’ projects in the first category: Best New Commemorative/Limited Circulation Coin.
Banco de México
To commemorate the bicentennial of diplomatic relations between Mexico and the United States, Banco de México issued a 20 peso bi-metallic commemorative coin. Issued in 2022 to mark the event, the commemorative highlighted the longstanding partnership between the two nations.
The coin was minted in a dodecagonal shape allowing it to be easily distinguished from other coins in circulation by touch. An interrupted milled edge has also been utilised, in addition to a latent image depicting the number ‘200’, depending on the position from which the coin is viewed.
The obverse features the standard design used on standard circulating 20 peso coins, the national coat of arms. The reverse depicts two eagles in side profile – one golden eagle and one bald eagle. Each eagle symbolises Mexico and the United States, respectively, with the latent image placed between the two. ‘Doscientos Años de Relaciones Diplomáticas Estados Unidos Mexicanos – Estados Unidos de América’ (‘Two Centuries of Diplomatic Relations Mexico –United States’) is inscribed at the top of the coin within the outer ring. Below this, within the centre of the coin sits the text ‘Amistad, Soberanía Y Cooperación’ (‘Friendship, Sovereignty and Cooperation’).
Mintage of the coin was set at 5 million pieces.
Central Bank of Eswatini
The Central Bank of Eswatini issued a E50 silver coin to mark the Bank’s Golden Jubilee anniversary. A Commemorative Coin Technical Committee was formed and conceptualised the theme for the commemorative coin – ‘Telling Eswatini’s History Using Currency’.
Several milestones were reached during the creation of the coin, including the design creation by a Central Bank of Eswatini staff member for the first time and the use of CorelDRAW Graphics Suite for the process. This is also the first precious metal commemorative coin issued since the country’s name change from Swaziland to Eswatini.
The coin design showcases how infrastructure development, tourism and technology positively contribute to economic development. The reverse side of the coin features five elements:
Sibebe Rock – which is considered one of the largest and oldest granite rocks in the world. It is recognised as a notable heritage site and geological landmark.
King Mswati III International Airport –the country’s main international airport. The airport is symbolic of national sovereignty and identity, and as gateway to the world that plays a crucial role in enhancing Eswatini’s economic development, in addition to improving transportation efficiency and logistics.
The Central Bank of Eswatini building – also known as ‘Umntsholi WemaSwati’ (inner secret storage). The building has been in use since 1979 and so has been included not just as a physical structure but a symbol of the country’s monetary and financial stability.
An NFC/tap-and-pay symbol –highlighting the significant strides in financial technology, innovation, and enhanced financial inclusion, including cardless and contactless payments such as mobile money payments.
A circuit board – symbolising technological advancements in the energy, manufacturing, communication, and information technology sectors.
The obverse of the commemorative features a portrait of King Mswati III in traditional dress reserved for royalty, including a Ligcebesha (traditional necklace) and Ligwalagwala (lourie bird feather).
Produced by the South African Mint, partial gilding was utilised to create a distinctive look for the coin. Mintage of the coin was limited to 1,000 pieces.
Central Bank of The Bahamas
The Central Bank of The Bahamas issued a painted version of its 25 cent circulating coin to celebrate the Bank’s 50th anniversary. Minted by the Royal Canadian Mint, the coin maintains the same specifications as the existing circulating version but is the first painted circulation
coin issued by the central bank and , in a world first for a circulating coin, features selectively coloured designs on both sides.
Elements of the national coat of arms on the obverse have been selectively coloured, with the year of issue updated below. Painting on the reverse includes the artist’s rendering of a native sloop, in red, white, and brown, in addition to a blue sea. Wording on the reverse has been updated to include ‘The Central Bank of The Bahamas and ‘50th anniversary 19742024’.
Mintage was set at 3 million pieces.
National Bank of Kazakhstan
The National Bank of Kazakhstan issued a 1,000 tenge coin to mark the 30th anniversary of Kazakhstan’s national currency. The commemorative was designed by the central bank and minted by the Kazakhstan Mint.
The coin features a tantalum insert, in a striking blue, achieved via an anodising process. Tantalum is a material that is not only highly resistant to corrosion and chemical degradation, but also extremely resistant to heat (with a melting point of 3,017°C) and general wear. The Kazakhstan Mint developed and patented the technology, making it the only mint worldwide that can use tantalum for coin production.
The central bank’s designers drew inspiration from Kazakhstan’s cultural heritage, financial independence, and technological progress to create the commemorative coin. The tenge symbol features prominently in the centre of the reverse design, surrounded by technical symbols – inspired by integration of the tenge and digital technology.
The national coat of arms is depicted on the obverse of the coin.
With mintage limited to 300 pieces, the Bank reported that the coins sold out within the first 30 minutes of sales opening.
Next month’s issue of Coin & Mint News™ will cover the remaining award categories – Best New Coin Product, Process or Manufacturing Innovation and Best Recirculation/Distribution Initiative or Innovation.
New Coin Issues
Commemorating a Century of the Swiss Franc
To commemorate 100 years of the Swiss Franc (CHF) in Liechtenstein, CIT has released a new coin design crafted in smartminting® Ultra Deep Relief. The coins depict a three-dimensional coloured model of the Rhine Valley with topographical accuracy on the reverse, symbolising the bond between Liechtenstein and Switzerland.
Small Swiss crosses feature in the background on the left side of the coin, representing the Swiss territory. Similarly, the Liechtenstein territory on the right is further represented by small Ducal hats. Neighbouring municipalities are engraved on the outer edge of the design, with the Principality’s coat of arms displayed on the obverse of the coin.
Four silver coins have been produced – a 1kg 100 CHF, 5oz 25 CHF, 2oz 10 CHF, and 1oz 5 CHF coin – with each featuring the coloured model of the Rhine Valley.
Two gold coins have also been released – a 1oz 100 CHF and 10 CHF 0.5g coin –with a less-embellished design depicting the territory of Liechtenstein produced for the latter.
Swissmint Celebrates Switzerland
Modern Switzerland came into being following the issue of the Federal Constitution on 12 September 1848, which created a federal state via union of the cantons. Swissmint has honoured the occasion with the issue of a 20 Swiss Franc (CHF) silver coin.
The obverse of the coin depicts mountains, representing the Swiss Alps, a railway in reference to the dense rail network, the edelweiss as an emblematic Alpine flower, a quartz crystal echoing the mineral wealth of the Alps, and a bridge symbolising technical infrastructure. Cogwheels refer to watchmaking, and a cheese symbolises the famous Swiss cheese-making tradition.
The flags of the 26 cantons feature on the reverse, in addition to the face value and country of issue in Latin.
Košice Peace Marathon Celebrates Centenary
Mincovňa Kremnica has marked the centenary of Europe’s oldest marathon, the Košice Peace Marathon, with the release of a commemorative €2 coin. The obverse depicts a runner mid-movement in the foreground, with a section of the Cathedral of St Elizabeth in Košice – a National Cultural Monument and the oldest church in Slovakia – to the right.
The reverse, or common side, of the coin features the standard map of Europe designed by Luc Luycx. Mintage of standard circulation quality versions has been set at 995,000 pieces, whilst proof-like quality coins are more limited to 5,000 pieces.
RCM Pays Tribute to the RCAF
The Royal Canadian Mint has produced commemorative circulating $2 coin to mark the 100th anniversary of the Royal Canadian Air Force. The coin honours those who have served, and continue to serve, in Canada’s Air Force.
The reverse features stylised depictions of several aircraft flown by RCAF personnel. Eight current and historical RCAF aircraft appear on the outer ring, including the Finch Mk. II, CSR-123 Otter, F-86 Sabre Mk. 6, CF-100 Canuck Mk. 5, CT-114 Tutor, CC-115 Buffalo, CF-188 Hornet and CH146 Griffon helicopter.
The centre of the coin depicts the RCAF roundel above a Model H of the CC-130 Hercules that has been the mainstay of the RCAF transport fleet for over 60 years. The upward angle of the Hercules is a nod to the RCAF motto, ‘Sic itur ad astra’ (‘Such is the pathway to the stars’).
The obverse features the circulating effigy of King Charles III created by Steven Rosati.
Two million colour-enhanced and one million engraved-only of the commemorative coins have been released into circulation.
Brazil Marks Diplomatic Relations Anniversary
Casa da Moeda do Brasil has released a commemorative medal marking the 50th anniversary of diplomatic relations between Brazil and China. The latter has been Brazil’s main trading partner for decades, as the main destination for Brazilian exports and the largest supplier of
imported products.
According to the Mint, the medal symbolises the mutual collaboration between the two nations, reinforcing the countries’ commitment to the consolidation of a long-term strategic alliance.
The obverse depicts a series of stars, symbolic of the universe, with the logo created to commemorate the anniversary set on a semi-circle representation of Earth above. The reverse also features a representation of the universe and Earth at the top and bottom, respectively. The national flags merge on the Earth image, denoting the two countries in harmony.
Perth Mint Releases Rare Pink Diamond Coin
The Perth Mint has produced a 10oz gold proof coin featuring a turtle as the latest release in its ‘The Jewelled Series’. The Jewelled Turtle coin features hand-set pink diamonds from the Argyle Diamond Mine in Kimberley, Western Australia.
The Jewelled Turtle coin features a threedimensional 18 carat gold representation of a sea turtle mounted on the reverse. Its carapace is hand-set with 112 of the rare Argyle Pink Diamonds™, while its head and limbs are set with 52 natural white diamonds, in addition to two emeralds for eyes. A further five white diamonds are set in a ribbon-shaped line symbolising the sea surface, with an Argyle Pink Diamond™ in the centre of a stylised sun. Corals and dory fish feature in the background, behind the jewelled turtle.
The obverse portrays the Dan Thorne effigy of King Charles III, in addition to the coin’s weight and denomination – A$2,500.
Just eight of these coins were made available, accompanied by an individually numbered 18 carat rose gold plaque, corresponding to each coin’s numbered certificate of authenticity.
Lithuania Honours Cultural Heritage
The Bank of Lithuania has issued a commemorative circulating €2 coin dedicated to the tradition of Lithuanian straw gardens, which were inscribed on the UNESCO Representative List of the Intangible Cultural Heritage of Humanity last year.
Straw gardens are geometric ornaments made from natural fibre straws, which are threaded to form triangles and squares.
... New Coin Issues
They decorate Lithuanian homes and are deeply rooted in Lithuanian culture, with the triangles symbolising the spirit and squares matter, with combination of the two forming a garden. To this end, the obverse features a stylised straw garden consisting of geometric shapes of varying sizes, one tip of which is pointed upwards (to the sky) and the other downwards (to the underground).
The reverse, or common side, of the coin features the standard map of Europe designed by Luc Luycx. Half a million of the coins are set to be released into circulation.
RDM Commemorates the Airborne March
The Royal Dutch Mint has released a medal in a coincard to pay tribute to the Airborne
March, as part of its ‘Intangible Heritage of The Netherlands’ series. First organised by the Politie Sportvereniging Renkum (Police Sports Association Renkum) in 1947, the Airborne March is a unique walking route that centres around honouring and commemorating Allied soldiers involved in the Battle of Arnhem in September 1944.
The obverse of the medal portrays a group of soldiers, with parachutes descending in the background and ‘Lest We Forget’ inscribed in the centre of the coin. The obverse of the coincard depicts the John Frost Bridge, a key site in the military offensive termed Operation Market Garden.
The reverse of the medal features the logo of the Inventory Intangible Cultural Heritage in the Netherlands. The reverse of the coincard depicts a map of Arnhem, with the routes of the Airborne March marked in red.
RCM Releases Third Single Mine Coin
The Royal Canadian Mint (RCM) has released its third single mine bullion coin, created with responsibly mined gold from Agnico Eagle’s Detour Lake mine in northeastern Ontario, which is the largest gold-producing mine in Canada.
The 1oz $50 Pure Gold Maple Leaf (GML) coin contains the standard features of the RCM’s proprietary GML bullion brand, including the Single Source privy mark –with the globe-cradling hand indicating that the gold is responsibly produced and traceable and that purity was achieved following a rigorous segregation protocol. Security features include a radial line finish, micro-engraved maple leaf laser mark with the numeral ‘24’ (visible under magnification) denoting the coin’s year of issue, and BULLION DNA™ anticounterfeiting technology.
The obverse features Steven Rosati’s effigy of King Charles III.
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Editor: Alex Sadler (right).
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