Royal Mint Pulls Out of Export Business for Circulating Coins

The Royal Mint (TRM), the UK’s oldest company, has announced that it is to pull out of the market for producing foreign circulating coins and blanks, bringing to an end a 700-year old business in producing coins for overseas countries.

The rationale is that TRM is losing money from circulating coins, and will transfer its focus (and 200 staff involved) to its newer business ventures, in which it has invested £17 million – notably the reclamation of gold and precious metals from e-waste and the new jewellery line 886 (the year of its foundation).

The decision, although coming as a surprise to many, was widely trailed in TRM’s year-end statement for 2022/23. In this, the organisation referred to the start of a five-year transformation plan in the context of losses in the currency business (UK and overseas circulating coins and blanks) and the need to be realistic.

For 2022/23, TRM announced record sales (up 34% to £1.877 billion) and profits (up 27% to £17.7 million), but these came primarily from the precious metals and commemorative coin businesses. Sales from circulating coins grew by 16% to £74.4 million, but the losses also grew, from £4.5 million to £13.1 million. The last time the division made a profit was in 2019/20.