Mint of Finland to Close Next Year

The Mint of Finland (Suomen Rahapaja) is to cease operations and wind down in an orderly manner by next year, its Managing Director Jonne Hankimaa, has announced, bringing to an end a 160-year business which first began minting coins in 1864 under the Russian emperor Alexander III.

‘The closing process is taking place on conditions of performing client projects. The goal is to ensure completion of existing contracts with clients and vendors in line with agreements, he said.

All such projects will come to an end in Spring 2025.

The reasons for the closure were given as ‘dramatic changes on payment methods and the decline of the role of cash in daily life.’

The news is not unexpected as there has long been with speculation about the future of the Mint, and the fact that it did not publish its annual results in April, as is customary, was a warning sign.