Mints and Private Enterprise Collude

Collectors have accused government-owned mints of becoming too commercial due to the many non-circulating legal tender commemoratives and other products that appear to be ever-increasing in numbers.

Births, deaths, and coronations are among the subjects that have appeared on coins since early modern history. Today mints issue circulating as well as non-circulating legal tender commemorative coins either as a novelty to be sold to collectors, to make money for their government through seigniorage, or to make a contribution to some special interest group.

Some mints have offered their refining services as a byproduct. Some mints have gone into the business of selling bullion gold, silver, and platinum products.

See Also:  Bullion Coin Demand Softens

Special mint products don’t stop with commemoratives. Mints also produce Proof and Mint sets, once again to be sold for a profit. Some mints produce art and commemorative medals. Others issue pieforts. Monnaie de Paris, the French Mint, produces small sculptures.

In recent years mints have promoted movies and racing cars on coins. The cooperation between government-owned mints and private enterprise is intensifying as mints seek to reach beyond simply being a factory that produces coinage for commerce.

In recent years The Justice League and Superman have been featured on coins issued by the Royal Canadian Mint. The Royal Australian Mint and Woolworths are co-operating to issue three new circulating commemorative Centenary of Vegemite $2 coins, available only by shopping at Woolworths. The coins will only be made available when a cashier makes change from a purchase.

The United States Mint got into the action in 2000 when it partnered with General Mills to promote the then-new Sacagawea “golden dollar” coin by placing specially packaged dollar coins in boxes of Cheerios. Lincoln cents were also put in the cereal boxes. However, the Sacagawea dollar coins were a special variety that today commands a hefty premium.

In 2022 Stack’s Bowers Galleries and the U.S. Mint partnered, the coin dealership selling special transitional coins from the American Eagle bullion coin series that realized $4.6 million.

Also see: Mint Begins 2022 American Eagle Production

It could be said that all of this indicates mints are into the business of coins. They have always been into the business of coins in one form or another; however, the British Royal Mint has gone one step further, becoming somewhat of a coin dealer itself.

Today you can purchase ancient, medieval, British pre-decimal, world, and military coins directly through the mint. Yes, they sell U.S. coins as well. Historic medals dating from as early as 1633 and books about them were on sale at the time this article was being written. So was a “Limited Edition 1” British Monarchs King Henry VIII Premium Set for £60,000 or about $76,495 U.S. The BRM also sells coin capsules, cabinets, storage boxes, and magnifying equipment. The mint also offers an authentication service.

The BRM’s one-stop shop for coins doesn’t appear to end there. The mint has partnered with Stack’s Bowers Galleries to auction what the BRM described as being “a selection of special Britannia and sovereign gold and silver bullion coins commemorating the royal transition from Her Late Majesty Queen Elizabeth II to His Majesty King Charles III. Entitled the Royal Succession coins series, these historic pieces represent the very last coins struck featuring the effigy of Queen Elizabeth II and the very first coins produced featuring the portrait of King Charles III for each series.”

Stack’s Bowers Galleries President Brian Kendrella said, “…it is an honor to assist The Royal Mint in bringing these important coins to a global audience.”

Mints are no longer one-dimensional. Many mints are reaching out into related fields, perhaps out of necessity in a world that appears to be using less coinage and more electronic forms of payment. One-stop shopping for collectors at a mint may not be good news for independent coin dealers, but recognize that mints are moving into related fields, you may see additional mints coordinating their products and activities deeper into the hobby than has been seen in the past. 

Also see: What's New in NumisMaster - August 2023