The Royal Mint ‘Come Clean’

Posted by Mik Smith on

[ Extract From The Sunday Times ]
[ Extract From The Sunday Times ]

 

  And so it is official.  The Royal Mint have finally fessed up and said they are now purposely creating far more ‘purchase only’ coins in order to maximise their profits.  Like most of us didn’t work that one out a good while back.

  But, credit where it’s due, at least they have been upfront about this relatively fresh tactic (well just recently anyhow).  Yes, just in case some people still hadn’t cottoned on, The Mint decided to bare their souls to The Sunday Times.  So now, everyone will know why numismatists must pay a small fortune if they want to keep our coin collections up to date.  The majority of commemoratives will not go out into general circulation and if you want these then you will need to buy them online.  That’s how things will be from now on so that’s the end of it…. because that is what The Royal Mint have said.

  Wrong.

  The important thing to remember here is that the general public have an opinion as well.  And considering that the general public are The Royal Mint’s client base this is actually quite important.  After all, if you repeatedly take the p*ss out of your own customers then the chances are they will stop coming back for seconds.  People are funny like that. 

  A lot of numismatists have already thrown in the towel; and many of these have been collecting for years.  Many others will follow suit once they realise things will not be going back to how they were – when half the fun was looking through your change for certain coins.  The truth is that the only new collectors The Mint will have are those who can afford to buy a seemingly never-ending stream of new releases each year for ten pounds a pop.  In reality, that isn’t so many.  But, for anyone who has been hiding under a rock, here is a quick update –

Low earnings + High cost of living =
Not many families who can justify spending ten quid on a new fifty pence or two pound coin every few weeks.
 

  Perhaps….

  When The Royal Mint have driven the whole coin collecting thing to its knees….

  When they only have half as many customers because people simply cannot afford to buy coins….

  And folk are bored of the arguments that child-targeted designs cause in cash-strapped homes….

  And are tired of fuelling greedy businesses….

  Maybe THEN The Royal Mint will have a rethink.

  Or perhaps, by the time all of this has happened, people will have moved on and found something different to collect instead; where they don’t need to take out a bank loan before they even start.

 

 

 

© Article and images (except where stated) copyright Mik Smith 2019

2 comments


  • good marketing royal mint, how profitable will it be when there is nobody left who can afford it.

    GARY Hoskin on

  • Last I heard, twas was the majority of the millennials are opting to pay by cards/contactless magic etc….so isn’t it us “the dinosaurs” who are keeping actual cash/coins alive !
    The dinosaurs have helped them achieve that £506million greatly I suspect.

    Marie on

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