Volumes Down, Sales Up for Australian Coins

The Royal Australian Mint (RAM) has now published its report and accounts for 2022-2023.

In the year, 110 million Australian circulating coins were supplied to banks, a decrease of 19 million from 2021-2022. RAM noted that demand was stronger in the first half year with higher denominations predominating. The sales value of the coins was $64 million, a 10% increase over 2021- 2022.

In addition to domestic coins, RAM produced more than 29.4 million circulation coins for Papua New Guinea, 3.5 million for Tonga and 2.9 million for Vanuatu.

There was a modest increase of $2 million in seigniorage in the year to $27 million, reflecting increased costs in areas such as interest compensation payments to the banks and the cost of underutilised resources.