The Mint of Finland to Close by Spring 2025
The Mint of Finland Ltd Board of Directors has announced its closure. Founded in 1860, the Mint of Finland began minting coins in 1864 under Russian emperor Alexander III. It has been a prominent manufacturer of circulation and collector coins, medals, and other coin-related products. The decision to cease operations comes from global payment changes and weakened business conditions, reflecting broader shifts in the international currency market.
In recent years, the Mint of Finland has faced increasing challenges, including rising production costs and declining coin usage due to the growing prevalence of digital payments. Despite efforts to diversify its product offerings and streamline operations, the company has struggled to maintain profitability. The closure will result in the loss of hundreds of jobs, impacting both the local community and the broader minting industry, where the Mint of Finland has long been regarded as a leader in quality and innovation.
The Mint of Finland is currently concentrating on fulfilling its existing commitments to customers and suppliers, with all agreements expected to be completed by Spring 2025 before ceasing operations. The company will not be making new bids or accepting additional orders.
The Mint of Finland's closure reflects the worldwide transformation underway in the currency landscape. As digital payments continue to gain traction, traditional minting operations are increasingly challenged to justify their existence. The Mint of Finland's exit from the industry underscores the need for adaptation and innovation in an era where physical cash is no longer the primary medium of exchange.
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