Royal Mint sees increased demand for coins
24 July 2015 | 7549 views | 0
Despite talk of cash's imminent demise, the Royal Mint supplied 2.4 billion coins in the UK in the last year, up from two billion in the previous 12 months.
With contactless payments taking off and Apple leading the charge for mobile money, many are forecasting the beginning of the end for notes and coins.
Yet the Mint says that is saw strong demand from UK banks and the Post office in the year to March. Circulating coin sales increased by five per cent to £106 million, with operating profit from this up 16% to £15.8 million.
Meanwhile, overseas demand also continues to grow, with the Mint manufacturing more than 2.2 billion coins and blanks for 29 countries, compared to two billion for 25 countries the year before.
Even if loose change does one day become a thing of the past, the Mint could still have a future in the commemorative coin market.
Coins struck for events such as the 50th anniversary of Winston Churchill’s death and the 800th anniversary of the Magna Carta helped push operating profits for this part of the business up six per cent to £9.9 million.