Royal Mint Goes into Loss as Demand for Circulating Coins Plummets

The Royal Mint (TRM) has announced its results for 2023-24, which are in sharp contrast to the success of the previous year.

Sales were down by 28% to £1.35 billion. Currency sales (UK and overseas circulating coins and blanks) were 8.8% lower at £65.6 million, consumer sales 9% lower at £135.8 million and precious metal sales 30.5% lower at £1.15 billion.

TRM’s operating result for the year was a loss of £1.3 million compared with a profit of $13.9 million in 2022/23.

By product group, currency incurred an operating loss of £10.8 million (reduced from the £13.1 million loss the previous year).

The business continued to be adversely impacted by the decline in overseas demand and declining market prices This loss was not unexpected and was behind the decision, announced in April, that the TRM would stop taking orders for overseas coins. In the year, it supplied 1.32 billion coins and blanks to 29 countries, compared with 1.34 billion to 28 countries in 2022/23.