24 June 2018
Register for the webinar today

Royal Mint sees increased demand for coins

24 July 2015  |  7549 views  |  0 cash

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.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Visa to showcase cashless trend on the catwalk

Visa to showcase cashless trend on the catwalk

09 July 2015  |  10606 views  |  0 comments | 18 tweets | 10 linkedin
Cash remains king for money laundering

Cash remains king for money laundering

08 July 2015  |  8370 views  |  0 comments | 8 tweets | 11 linkedin
Visa Europe says mobile payments will go mainstream within the next year

Visa Europe says mobile payments will go mainstream within the next year

04 June 2015  |  12549 views  |  2 comments | 23 tweets | 26 linkedin
Cash overtaken by non-cash payments in the UK

Cash overtaken by non-cash payments in the UK

21 May 2015  |  18631 views  |  6 comments | 53 tweets | 33 linkedin
Danish shops to be given right to refuse cash

Danish shops to be given right to refuse cash

07 May 2015  |  23377 views  |  15 comments | 67 tweets | 42 linkedin
Cash still dominates charitable giving

Cash still dominates charitable giving

23 March 2015  |  6225 views  |  0 comments | 13 tweets | 5 linkedin
London buses go cashless

London buses go cashless

07 July 2014  |  12904 views  |  8 comments | 24 tweets | 23 linkedin

Related blogs

Create a blog about this story (membership required)
Visit www.aciworldwide.comVisit equensworldline.com

Top topics

Most viewed Most shared
GPS raises £44 million to fund international growthGPS raises £44 million to fund intern...
26738 views comments | 7 tweets | 8 linkedin
Robots save Nordea from GDPR processing nightmareRobots save Nordea from GDPR processing ni...
9436 views comments | 10 tweets | 18 linkedin
BIS: Cryptocurrencies are an environmental disaster that could break the InternetBIS: Cryptocurrencies are an environmental...
8904 views comments | 18 tweets | 23 linkedin
ING and BNP Paribas invest in blockchain-powered trade platform TradeIXING and BNP Paribas invest in blockchain-p...
7590 views comments | 15 tweets | 27 linkedin

Featured job

to $120K base, 200K ote, benefits
New York City, NY - USA

Find your next job