Mint Industry Update

December 2023


On behalf of the Board of MDA Ltd can I wish our members and the broader Minting community a very happy Festive Season and a safe, healthy and successful 2024.

With the Incorporation of the MDA Ltd, the appointment of an Executive Director (soon to be announced), and the creation of an ambitious but achievable Work Program for 2024, it promises to be a very exciting year for the Association and its members.

Best wishes

Marie Lemay, Chair MDA Ltd and President and CEO, the Royal Canadian Mint


As we close on 2023 I thought it would be appropriate to do two things:

1. Restate the key messages in the articles that have been written to remind policy makers and Central banks about why cash is still a vital part of the transaction environment.

We have stated on many occasions over the past few years, but more particularly in the past twelve months, that cash must remain available in all countries because:

  • cash helps us to live within our budgets and manage our financial situations
  • it helps educate children about financial literacy
  • because of its anonymity, cash helps protect privacy
  • cash is available when technology fails – as has happened around the world with increasing frequency and consequence
  • cash makes it easier to be charitable as evidenced by the release four years ago of the Donation Dollar by the Royal Australian Mint
  • and importantly cash encourages and facilitates financial inclusion, particularly for those in society who are vulnerable or whose language is secondary to the country in which they live.

2. Restate the broader role that Mints play.

As we have previously presented, the Mints are much more than producers and suppliers of circulating coins. For many they are:

  • a national story teller through the release of numismatic / commemorative coins that tell the story of a country’s history, major events, flora and fauna, cultural icons and distinguished people
  • the provider of a visitor experience, showcasing through their gallery, modern manufacturing capability in the production of coins
  • the producer and supplier of precious metal coins and bullion – gold, silver and platinum
  • for some and more recently, showcases of sustainable and environment best practices
  • for some the supplier of jewellery
  • for some the supplier of notes, passports and certified documents
  • providers of educational programs not only telling the history and role of coins in their country but also their role in financial literacy.



The Chair of the Mint Directors Association Ltd has announced to MDA members the appointment of Mark Cartwright as the Executive Director of MDA Ltd effective 1 January 2024.

Mark enters the role with a Degree in Applied Science and a Master’s Degree in Business Administration specialising in Marketing. He has spent the past 12 years in the industry as the Executive General Manager of Sales, Marketing & Innovation for the Royal Australian Mint (RAM), having oversight of product design and development, sales, B2B relationship management, marketing, innovation and education and visitor services.

Prior to working at the RAM, Mark was a leader within the sporting industry being the CEO of Basketball ACT as well as working as the CEO of ACTSPORT. He comes to MDA Ltd as someone that has worked in senior leadership roles in membership-based associations for well over a decade, in addition to an executive leadership role at RAM.


Farewell to Ross MacDiarmid, previously CEO of the Royal Australian Mint for 10.5 years until 2020 and more recently as Acting Executive Director of the MDA Ltd.

As stated by Marie Lemay, Chair of MDA Ltd:

“As we welcome Mark to the MDA, I would very much like to thank Ross MacDiarmid who has been instrumental in working with the Board and MDA member mints over the past few years to help create this new and exciting organisation”.

November 2023

EDITORIAL: Access to & availablity of cash – the challenge continues

As the use of cashless technology continues to grow, the demand for cash and therefore banking services decline. This provides the ideal opportunity for banks and financial institutions to close branches and reduce the number of ATMs, particularly in less populated localities and regional towns, making it increasingly difficult for people in those areas who choose to manage their finances with cash to be able to deposit and withdraw funds.

Banks, which consider branches as a cost and not a community service, continue to announce branch closures as well as shutting down ATMs with little regard for those who rely on cash in their daily lives, including those in society who are more vulnerable and less technologically capable.

Why is it that some Governments seem slow, or dare I say unwilling, to intervene in a market where there are continuing closures of facilities that dispense cash or provide the opportunity to deposit cash? To highlight the challenge, the Australian Prudential Regulation Authority (APRA) recently released figures that showed the number of ATMs fell from 13,814 in 2017 to 6412 in June 2022.

What is even more disturbing is that, while cash usage has been falling, particularly in developed countries, it is being replaced by card payments that attract interest or a fee. Consumers are paying to use their money either directly or indirectly while cash remains free.

Governments – as they have done in the UK – must consider the impact that these branch closures and related loss of financial services are having on these people and the communities in which they live.

In May 2022, the UK Government announced it would legislate to provide the Bank of England with the “powers necessary to ensure the UK’s wholesale cash infrastructure – which includes the network of cash centres integral to the sorting, storing and distribution of notes and coins – remains effective, resilient and sustainable and continues to support cash across the UK”.

This is a clear signal to banks and other financial institutions in the UK that, while decisions about access to cash may be voluntary, there is an expectation from the UK Government that cash will be readily accessible to everyone.

While this does not guarantee access for all, it is a legislative model that policymakers in other countries should consider to ensure that those who rely on cash for legitimate reasons will continue to have access to cash – both notes and coins.

SUSTAINABILITY CASE STUDIES: Winner of the MDC 2023 Award – Royal Dutch Mint

Royal Dutch Mint describes its environmental intentions and direction in its ISO 14001 Environmental Policy. The Mint strives to meet the aspirations as set out in the Paris Agreement. Permanent improvement of environmental performance is key within the organization and is part of all departmental strategies and has been implemented in existing workflows.


In December of 2020, the Royal Dutch Mint put into operation a solar power plant on its roof to provide enough energy to be self-sufficient. Coins produced by Royal Dutch Mint are now 100% energy neutral. Also, its new building does not consume fossil fuels and is heated with electricity only. The heat exhausted by the presses can be reused and cold night air is used to cool the building in the summer.

Organising for a Low Carbon Footprint the Royal Dutch Mint has implemented the following:

  • Solar power generation: The Dutch Vault generates electricity using its own solar energy plant on the roof matching its demand
  • Lower electricity demand:
    • LED lighting
    • Timers on power plugs
    • Advanced Heating, Ventilation and Air Conditioning system
  • Electric forklift trucks

  • Commuting: staff are encouraged to use public transport or to cycle to work. As a result, only 72% of staff still drive to work

  • Less water: capturing rainwater and using it to flush lavatories and water the gardens

  • Less materials: all office printers are set up to print double sided and printing is only in grey tints. There are also fewer printers than in the old site

  • Materials: cardboard is now sourced from ‘Forest Stewardship Council’ suppliers for packaging as much as possible and if plastic packaging is required, RDM looks to work with recyclable plastics

  • Chemicals: RDM has been able to reduce the use of chemicals and production time in its machines and processes by optimising the process parameters and monitoring the time and consumption

  • Productivity: automation has allowed RDM to produce about 50 million circulation coins for each member of staff (full time equivalent, or FTE), office and production

  • Water treatment: RDM uses a local specialised recycling company to treat process water with high levels of metal particles. The wastewater is now of such high quality that the environmental impact is no longer significant

  • Waste recycling: All waste on site is now sorted, with material recycled where possible.

October 2023

EDITORIAL: Cash in a time of increasing uncertainty

This past month, the Mint Directors Conference was hosted by the Royal Canadian Mint in Ottawa with the theme ‘Minting for the Future’. It is five years since the Minting industry last held its conference, which on that occasion was in Korea hosted by the Korean Mint, known to all in the industry as KOMSCO. With over 260 delegates and an array of outstanding Mint industry and guest speakers, this year’s conference was an outstanding success. Congratulations to the Royal Canadian Mint team so brilliantly led by CEO Marie Lemay and supported by the great organising team of Michelle Richardson, Michael Groves, Deneen Perrin and the many other staff who so enthusiastically were involved. The keynote address to open the conference was by Stephen Poloz, former Governor of the Bank of Canada. He spoke about the uncertainty in the world and in that context described some scenarios that strategic planners need to consider in future planning. The takeaway message for the coin industry was that in such uncertain times, and potentially with even greater uncertainty, consumers and retailers that have become cashless will look for mediums that provide certainty and stability. We were reminded in a panel session later in the conference that cash provides that certainty and stability – while its purchasing power may change with inflation, a dollar coin is a dollar and it is both physical and reliably transaction-able. We also need to be reminded and to remind others that cash has no ‘strings’ attached. It does not attract a fee for use, is not a vehicle that encourages us to spend more than we have, and is ubiquitous for more than just the older generation. Central banks and policymakers are reminded, as were those who attended the conference, that not only must cash continue to be available in the world of growing uncertainty, it must be readily accessible. While it is one thing to regulate that cash must continue to be part of the transaction environment, that mandate must be accompanied by a commitment to ensure everyone has access. Facilitation at the conference certainly provided the opportunity for delegates to be actively involved in this discussion, which made the sessions highly interactive and very engaging. Next month we will provide a summary of some of the outcomes from what again was a highly successful Mint Directors Conference.

Introducing MDA – Mint Directors Association Ltd

At the MDC conference the designated Chair of the Mint Directors Association announced the formation of the Mint Directors Association Ltd – a not for profit Incorporated Association currently comprising 19 Member Mints from around the world.

Membership is open to any sovereign Mint with membership criteria for broader membership of MDA to be finalised at the next meeting of MDA Ltd, to be held in Berlin in early February 2024 at the World Money Fair (WMF).

Broadly its purpose is:

MDA, with a public sector interest, promotes the mint industry’s role, contribution and significance. It promotes the sharing of information that will help address challenges and foster opportunities for circulating coins, collectible coins and bullion. It provides a forum that encourages innovation and presents best practices be they technical, marketing or experiences.

The elected seven-person Board is:

  • Chair: Marie Lemay – Royal Canadian Mint representing North America
  • Deputy Chair: Leigh Gordon – Royal Australian Mint representing Japan, Korea, Asia and Australia
  • Treasurer: Anne Jessop – The Royal Mint
  • Board members:
    • Marc Schwartz – Monnaie de Paris representing Europe
    • Kenji Goto – Japan Mint representing Japan, Korea, Asia and Australia
    • Maria Isabel Valldecabres – Spanish Royal Mint representing Europe
    • Vacant – representing Africa/ Middle East and Central Asia

At a meeting of what was the old MDC, also held at the conference, it was decided to dissolve the MDC’s governance and constitution structure and to refer to the broader Minting industry, which are not members of MDA Ltd, as a network of International Mint Directors (IMDN).

MDA Ltd will organise an annual industry networking meeting to be referred to as IMDN, also to be held in Berlin at the WMF.

September 2023

EDITORIAL: The Mint Directors Conference 2023 – Minting for the Future

Given it is only a few weeks away before the Mint industry meets in person for the first time in over five years, it is absolutely appropriate that the theme of the conference is Minting for the Future.

At my first MDC in 2010 there was a discussion about the future of cash and while it was much more speculative than real it was sufficiently plausible, particularly from the card company representative, that it did raise concerns. On each of the Conference occasions since then the conversation has become slightly more alarmist about the future of cash. But against that background and the doomsayer predictions, cash is still a significant part of the retail transacting process, particularly in developing countries.

While we have explored the reasons why and implored Central banks and policymakers to ensure cash remains part of the transaction system, consumers in many developed economies have taken matters into their own hands. Citizens are demanding cash be retained by contacting their local representatives, conducting campaigns on social media and by ‘voting’ with their actions, that is, continuing to use cash – more frequently than predicted and expected.

But what of the future? This question will be considered and discussed at the Conference, and so I encourage those who may be considering attending to actually ‘vote’ with your feet and register. If you are a Central banker or policymaker, we invite you to hear why cash must remain part of the transacting system, and if you are an industry member please come to see what the future holds and how demand for cash may impact the demand for numismatic/commemorative coins.

Join us at MDC 2023 to see how Mints around the world are transforming through innovation and creativity and to hear how the journey to sustainability can be achieved.

Legal tender of euro cash should not be discriminated but consistent with digital euro – the IMIA warns

Martina Horakova, Managing Director, International Mint Industry Association (IMIA)

At the end of June the European Commission introduced the long awaited legislative package with proposal on the legal tender status of both euro cash and the potential digital euro. The International Mint Industry Association (IMIA) welcomes the intention of the European Commission’s legislative proposal on the legal tender of euro banknotes and coins to ensure that “the physical form of central bank money, euro cash, remains present, available and accepted by all euro-area residents and enterprises.”

Euro cash is not only the sole physical form of money, but also the only form of central bank money available to the public. It is also the only form of money citizens can hold directly, without any third-party involvement. The IMIA argues that it is crucial that legal tender status of cash should not be discriminated but consistent to the legal tender status of central bank digital currency (CBDC) in terms of both access and acceptance rules.

The IMIA is therefore concerned that the proposed legislation will not have the intended effect and will not protect eurozone cash infrastructure. The treatment of euro cash is notably inconsistent with the proposed legal tender status implications for the digital euro. For the digital euro, apart for microenterprises and private citizens, unilateral exclusions of payments in the digital euro are outright prohibited across the eurozone, and non-acceptance can be supervised and crucially be penalised.

In contrast, the legislative proposal on the legal tender of euro cash does not per se prohibit cash acceptance. Member States should monitor annually and only intervene with measures when a level of non-acceptance of payments in cash undermines the principle of mandatory acceptance. Hence, ex ante unilateral exclusions of payments in cash are de facto not prohibited, as long as refusals of cash payments are not ‘widespread and structural’.

The annual monitoring and reporting processes suggested by the legislation for both acceptance and access to euro cash are rather ambiguous. It is unclear whether the yet to be defined ‘common indicators’ for monitoring and interventions are to be set as the minimum standard. And whether Member States would have the right based on national rules to both protect the existing level of cash acceptance and access and impose higher standards. Furthermore, the proposed annual frequency of monitoring and reporting is too slow to prevent the dismantling of cash infrastructure.

The IMIA is concerned that the only in principle mandatory acceptance by ‘enterprises’ does not include point-of-sale payment obligations/ use cases of retail payments such as person to government, person to local government or person to government-funded institution, or automated self-service check-outs. The definition of ‘enterprise’ should also include temporary point-of-sales such as music festivals, sports meetings, and other event-based activities. It has been noted that those events use more and more cashless systems on site, to access food, drinks or souvenirs.

Though the explanatory memorandum of the euro cash proposal rightly highlights the social inclusion aspect of access to cash, the IMIA points out that social inclusion is equally important in terms of cash acceptance. Those who choose to pay with euro cash should not be excluded for instance from participation and access to public transport, public parking spaces, public libraries, public sport facilities, museums, cinemas and public health facilities.

In comparison, the legislative proposal on the establishment of the digital euro, clearly states and seeks to firmly guarantee that the digital euro should support a variety of use cases of retail payments. Those use cases include person to person, person to business, person to government, business to person, business to business, business to government, government to person, government to business, and government to government payments.

It is indeed the case that for digital euro to be a successful central bank public money payment option in terms of wide adoption by, and attractiveness for, consumers that sufficient access and mandatory acceptance need to be guaranteed. That’s why without sufficient support for euro cash its infrastructure might effectively fall below a functional tipping point and the trust in central bank public money risks being significantly undermined. This would have knock-on effects for the potential introduction and potential, but not guaranteed, wide-ranging adoption of digital euro.

For the digital euro to be indeed a complementary and an additional form of public money, as intended, both types of central bank public money need to be treated consistently and provided with a level playing field in terms of regulatory measures, enforcements and institutional support. Otherwise, there is a risk of crowding out or replacement of physical public money – EU governmental bodies risk being seen as unequally pushing citizens to adopt digital euro, irrespective of preferences or need.

Read here the full IMIA Position on the European Commission’s Draft Regulation on the Legal Tender of Euro Banknotes and Coins.

August 2023

EDITORIAL: The dehumanising impact of a cashless society

According to some, particularly the proponents of digital technology, we are inevitably moving towards a cashless society. Based on data from the US and Australia we are already significantly less cash, with cash now accounting for just 13 per cent of all payments in Australia compared to 27 per cent in 2019. With bank branches closing, retailers no longer accepting cash and ATMs being harder to find, it is no wonder that in Europe and the UK they have legislated, regulated or mandated that their societies must continue to have access to cash.

We have previously discussed the financial impact that a loss of access to cash will likely have on older consumers, regional communities and those who don’t speak the language of the country in which they reside. But what of the human cost?

As we enter the period of Artificial Intelligence, there is increasing concern about the impact of AI on society from loss of human interactions and jobs, even to the extent that some leaders of major technology companies are warning about unintended consequences.

This is no different to the impact that becoming cashless would have.

Not only will there be a loss of human interaction at the retail store, bank branches or the Post Office, there will be a significant loss of jobs in both, plus job losses in cash production, logistics, materials supply companies and all the support staff involved.

If the technologists are concerned, as they appear to be, about the impact of AI on society, we must equally be concerned about the impact on those who rely on cash not only for financial security and independence but also because of the loss of human connections that cash helps to facilitate.

July 2023

EDITORIAL: Cashless – the risk of loss of inclusion

In a world of growing uncertainty – climatically, geopolitically and economically with the growing cost of living crisis – there is often a heightened sense of insecurity, leading to many people increasingly reverting to tangible, secure and minimal-risk assets.

These are some of the unrecognised attributes of cash, and it is at times like these that policymakers must ensure that cash is readily available for those who fit this profile.

There are numerous examples throughout the world, even after the passing of the COVID pandemic, where an overstated fear of the transmissibility of cash was being peddled and people were unable to access or use cash. Some retailers refused then to transact in cash and continue to do so, banks are closing down (which appears to be escalating), ATMs were and are being relocated, and hospitality venues have joined retailers in refusing to accept cash.

The risk for policymakers is the loss of inclusion created by the unfettered and unconsidered move to a cashless society.

We have stated previously that in the Euro area alone, there are an estimated 12 to 13 million adults who are unbanked, let alone many more who use cash due to their socioeconomic status, demographic profile, or physical or psychological disabilities.

Policymakers must be reminded that these people must not be left behind.

Recently in Australia there was an online movement established to use only cash for a week. This was in response to complaints from tourists and residents frustrated at not being able to use cash and sick of paying fees on card transactions.

The availability of cash will ensure that many people irrespective of their status can buy the essentials of life with cost-free, generally safe money that has legal tender status, is easily recognisable, and is seen as consistently representing the value of its denomination.

June 2023

EDITORIAL: Cash remains King in times of rising inflation and growing uncertainty

An online article recently cited anecdotal evidence of university students stuffing cash into their wallets at the beginning of each week as a way of budgeting for the week’s living expenses. This is somewhat paradoxical when you consider this cohort’s extensive use of digital technology. It is also another example of how cash plays such a critical and often unrecognised role, particularly when the rising cost of living makes it very difficult to just get by.

But it’s not only students who benefit from the demand for, and use of, cash. As we have so often reminded policymakers, other low-income groups are similarly in need of cash to help budget and make ends meet.

The tech-savvy student cohort would explain that while they are significant users of technology in their everyday life, it doesn’t create the discipline that cash can i.e. I withdraw a specific amount at the beginning of each week, allocate the cash to certain expenses and place it in my wallet with the ‘forced‘ discipline that I can only spend what I have allocated and is available.

While it is unlikely that policymakers are ignoring the needs of the different cash-dependent groups within society, they must recognise that as pressure increases to move to digital transacting at all levels including retail and particularly financial institutions, the people who rely on cash cannot be left behind.

As governments and central banks make pronouncements about creating a centrally-controlled digitally currency, they must ensure that the inevitable implementation programs provide for those who, for a myriad of reasons, must still have access to the medium that helps them live in these high inflationary and uncertain times – Cash.

Legal tender status for CBDC and cash – implications for access and acceptance

Martina Horakova, Managing Director, International Mint Industry Association (IMIA)

What unites the majority of plans and research into potential central bank digital currency (CBDC) across many jurisdictions is the repeated commitment that a CBDC would complement rather than replace physical cash. This is indeed the case with digital euro. “With cash, central banks already provide a means of payment that is risk-free, widely accessible and easy to use, and that leaves no-one behind. But the rapid digitalisation of our economies requires us to complement cash with its evolution in the digital sphere: a digital euro,” said Fabio Panetta, Member of the Executive Board, European Central Bank, in an April speech to the European Parliament.

Panetta addresses the legislators in regard to the legal tender status of a potential digital euro and further notes: “People would have no obligation to use the digital euro. But they should always have the option to use it. Just like they do with cash today. […] But if we want the digital euro to replicate these cash-like features, we need a proper regulatory framework. Legislators assigned the legal tender status to euro banknotes in the Treaty, and this is why citizens can use them throughout the entire euro area. They are tangible proof that we share a single currency.”

The IMIA is also of the view that for a retail CBDC to be a successful central bank public money payment option, in terms of wide adoption by, and attractiveness for consumers, including convenient access to and mandatory acceptance of needs to be guaranteed. However, the IMIA also cautions that in order for the retail CBDC indeed not to replace cash and governmental bodies not to be seen as unequally pushing citizens to adopt CBDC as displacement of physical cash, both types of central bank public money need to be equally supported and provided with a level playing field in terms of regulatory measures.

Legal tender status of euro cash needs to be consistent with the related initiative on the digital euro. Euro cash is central bank public money that is already known, trusted and adopted by citizens with infrastructure in place. While preparing and dedicating new resources and new investments for developing and then maintaining digital euro infrastructure, it is equally important to do so for euro cash infrastructure. To take measures to preserve sustainable and future resilient level of cash infrastructure, as well as invest in re-development where cash services have already, or are at risk of, deteriorating beyond secure and sustainable levels, and so rectify absence of oversight.

Panetta notes that “Individuals and merchants will expect to be able to obtain digital euro at their banks, just like they do today with cash. […] While the main objective of legislative measures related to cash is to preserve its widespread use and availability, for the digital euro the goal would be to establish its use and availability from scratch.” Yet, what citizens and merchants are increasingly facing in several eurozone countries is deterioration of cash services ‘at their banks’, in terms of both distances and fees, impacting not only access to cash, but also acceptance of cash by merchants.

Euro cash as a type of central bank public money payments product possesses unique attributes not replicable with digital euro: cyber-resilient personal data safety and privacy, universal inclusivity, crisis-resilience, unlimited store of value function, and tangibility and physicality giving citizens self-reliant autonomy. Physical cash also crucially already possesses off-line instant settlement functionality, while the most recent ECB report from the digital euro project notes: “The question remains as to whether an offline solution that fulfils the Eurosystem’s requirements and achieves the necessary scale can be delivered in the short to medium term with the existing technology.” Retail CBDC is, in jurisdictions where launched, so far experiencing significant difficulties with consumer adoption. “Central banks that were first to roll out CBDCs have recently faced challenges that have hampered implementation. Additionally, recent instability in the global crypto assets market has amplified concerns and the need for a careful review of the innovation and technology risks,” the Central Bank of Kenya recently stated.

Policymakers need to ensure that consumers and citizens do indeed always have the democratic freedom and crucially individual decision-making autonomy to make their own payment method choices between the two types of central bank public money – digital and physical. This means equal treatment in terms of legal underpinning for wide access and acceptability of both euro cash and digital euro. Failure to do so could be seen by citizens and taxpayers as both imprudent and undemocratic.

Cash as the type of central bank public money already utilised and trusted by the public needs to be granted equal, if not superior, legal tender status to a potential digital euro. So that indeed, people do have a guaranteed option to use cash today in a reliable and uniform way across the eurozone, as they might one day with a potential cash-like digital euro.


‘A digital euro: widely available and easy to use’ – Introductory statement by Fabio Panetta, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs of the European Parliament Brussels, 24 April 2023 https://www.ecb. sp230424_1~f44c7ac164.en.html

“Appropriate regulatory measures, including granting the digital euro legal tender status, should be considered in order to ensure consistency with cash and to make digital central bank money widely accessible for retail use to all end-users in the euro area, whilst taking into account the distribution of the costs and required technologies.” https:// press-releases/2023/01/16/eurogroup-statement-on-the-digital-euro-project-16- january-2023/

‘Market research and prototyping exercise confirm feasibility of technical solutions and user interfaces for a digital euro’, 26 May 2023 news/html/ecb.mipnews230526.en.html

‘Issuance of Discussion Paper on Central Bank Digital Currency: Comments from the Public’, Central Bank of Kenya, 2 June 2023 press_releases/103592893_Press%20 Release%20-%20Issuance%20of%20 Discussion%20Paper%20on%20 Central%20Bank%20Digital%20 Currency%20-%20Comments%20 from%20the%20Public.pdf

SUSTAINABILITY CASE STUDY: Alignment of the Royal Australian Mint and the Children’s Book Council of Australia to promote literacy and Australian stories


In this case study, we explore the successful alignment between two important Australian institutions, the Royal Australian Mint (RAM) and the Children’s Book Council of Australia (CBCA). The collaboration between these organisations has resulted in a unique program that promotes literacy, Australian stories, and engages young Australians in a meaningful way.


The CBCA is a not-for-profit, volunteer-run organisation with a mission to engage the community with literature for young Australians. Their dedicated team inspires teachers, librarians, and caregivers to share their enthusiasm and knowledge about children’s stories and creators, fostering a love of language, art and enhancing literacy skills.

The RAM, with a commitment to quality and sustainability, is an industry leader in creating public value in an environment of evolution and change. The CBCA coin program aims to encourage children and adults to rediscover classic Australian stories while promoting the joys and benefits of reading.


This collaborative coin program between RAM and CBCA has the following objectives:

  • Promote reading and literacy among young Australians, highlighting its numerous benefits such as brain exercise, improved concentration, increased vocabulary, and enhanced imagination.
  • Celebrate Australian stories that resonate with generations, fostering a sense of cultural heritage and national pride.
  • Raise awareness of both RAM and CBCA across schools, teachers, and librarians who play a crucial role in shaping young minds.
  • Provide additional value to CBCA by incorporating the coin program announcement as part of their awards announcement during CBCA Book Week.
  • Generate revenue for the CBCA to support their core activities.
  • Generate revenue for the Mint through the use of CBCA branding on coin packaging and marketing, supporting their programs and initiatives.


The program may be sustained due to the alignment with the annual CBCA Book Week that takes place in schools across Australia. Each year, a selection of Australian children’s stories is chosen for celebration and commemoration through the creation of special edition coins.

The books selected for the program are those that have stood the test of time, resonating with Australians who have grown up reading them or have passed them down to their children and grandchildren. This connection to cherished stories adds a sentimental and nostalgic value to the coin program.


The collaboration between RAM and CBCA has yielded significant benefits for both organisations:

  • Increased awareness: the coin program raises awareness of both RAM and CBCA through the CBCA’s network of schools, teachers and librarians who are informed about the program, leading to increased exposure and engagement with the Mint and its coins. Book Week is also shared through the Mint’s network of dealers and coin collectors across Australian.
  • Enhanced CBCA Book Week: the coin program announcement has become an integral part of the CBCA Book Week awards announcement, adding an exciting dimension to the event and further promoting literacy and Australian stories.
  • Financial Support: CBCA received $10,000 per release for the use of their branding on packaging and marketing materials. This funding can be reinvested into their programs, enabling them to continue their valuable work in promoting literature and literacy among young Australians.


The alignment between RAM and CBCA serves as an exemplary model of collaboration between two organisations dedicated to promoting Australian stories. Through the coin program, young Australians are encouraged to read, explore their imagination, and connect with the cultural heritage of their country.

Mints across the world can draw inspiration from this case study, showcasing the positive impact that can be achieved by aligning their institutions with literacy-promoting organisations in their respective countries. By investing in such initiatives, Mints can contribute to the educational development of future generations and foster a love for literature and culture.

May 2023

EDITORIAL: The many roles of a mint

As the demand for circulating coin continues to come under pressure from digital technology, Mints of the world should not only remind their policy makers of the important function that cash/ coins play in supporting their economy but also take the opportunity to reflect on the broader role their Mints play.

While the core business for Mints – and in many cases their raison d’être – is to provide circulating coins for their country, many are or can also be:

  • the supplier of precious metal coins
  • the conveyor/ presenter of stories though the provision of numismatics/ collectibles
  • the supplier of extraordinary and valuable gifts
  • the story teller of the history of coins in their country, and
  • the demonstrator of sustainable modern production processes.

During COVID many Mints of the world experienced a surge in demand for circulating coins, and while visitation to their galleries/ production facilities was down (for obvious reasons), the demand for numismatics, precious metal and precious metal gifts was remarkably strong.

Why was this? Not only were the regular customers active but a new cohort of buyers emerged, and many were not just the over 60s. Younger and middle-aged people looking for tangible items and things of value, at a time when so much around us was ‘untouchable’, became a driver for purchasing.

The challenge is how to leverage this demand particularly while circulating coins continue to be released and are in circulation. There are numerous examples of how Mints have taken advantage of this increasing interest in coin collecting and gift buying, and it is their examples and stories that can help other Mints grow this other role of the Mints.

SUSTAINABILITY CASE STUDY: Engaging youth in STEM learning and exploration

The Royal Mint was recently featured in a podcast broadcast on Funkids Radio, which informs young people about the latest innovations in science and technology to showcase engineering.

The Undercover Engineers podcast focuses on engineering projects that are helping to save the planet from a sustainability perspective and helps to encourage children to study STEM-related subjects and create the engineers of tomorrow.

The podcast is part of the Royal Mint’s strategy to support the community and promote interest in STEM-related subjects amongst children. The podcast was a perfect first step allowing the Mint to provide valuable insight into the life of an engineer at The Royal Mint and promote its brand.

The podcast opportunity was presented to the Mint by the IET (Institute of Engineering and Technology) during discussions around The Royal Mint participating in the First Lego Leagues, a competition that guides youth through STEM learning and exploration at an early age.


April 2023

EDITORIAL: The increasing cost of the alternative to cash 

As the incidence of scams, theft of personal information and hacking of major companies’ data continues to grow, so will the need for financial institutions, retailers and service providers to increase their security – the cost of which, we can be very confident, will ultimately be passed onto consumers. 

We have regularly drawn the attention of policy makers to the risks of becoming cashless and in particular the impact such a situation would have on vulnerable segments of society, such as those people who are unbanked, the elderly and those who are economically disadvantaged. We also need to remind those in positions to influence policy that the cost of conducting a transaction – be it for $5 or $500 – will increase the cost of the purchased item, potentially not just by one or even two per cent. 

The security cost associated with a digital transaction of $5 is potentially no less than the cost of securing the data of a $500 transaction. While the one per cent fee currently imposed on a $5 or $10 transaction goes some small way to meeting the cost, it might not be that long before retailers are charged a lot more for the security of the online banking services provided, to the extent that a $4.50 coffee might even have an additional minimum value surcharge. 

While this is speculative in nature and not intended to be alarmist, it is postulated and presented to remind policy makers of three things: 

  1. The use of cash is free with no fees applied, and at a time of high inflation, for many, every cent, penny, euro or equivalent counts. 
  2. To remain vigilant to the possibility that as the cost of security rises, at a time when financial institutions struggle to maintain margins, they will look to pass on these costs, resulting in consumers ultimately carrying that increasing cost. 
  3. Those who may pay a minimum value security surcharge are often those who can least afford it. 

MDC 2023, Canada, 15-18 October 2023

MINTING FOR THE FUTURERegistrations are now open.

Keynote Speaker announced for the Mint Directors Conference in Ottawa 

The program for the upcoming Mint Directors Conference (MDC) in Ottawa, October 15-18, is currently being finalised and will be published shortly. 

In the meantime, the Royal Canadian Mint, which is hosting this year’s MDC, has announced that Stephen Poloz, former governor of the Bank of Canada, will give the opening keynote address. 

He is one of the world’s foremost economists, with over 40 years of experience in economic and investment research, forecasting, banking, and policymaking, including his seven years as the central bank’s governor. Today, he is a Special Advisor for Osler, Hoskin & Harcourt LLP, a corporate director, and Chair of the Advisory Board of the Lawrence National Centre, Ivey School of Business, Western University. 

Stephen is also the author of ‘The Next Age of Uncertainty: How the World Can Adapt to a Riskier Future’, the book that maps out the powerful economic forces that are shaping our future and the ideas that will allow us to master them. 

His keynote address, In an Ever- Changing World – What is Next will set the stage for the theme of MDC (Minting for the Future). 

In particular, Stephen will present a macro lens of the economic and financial landscape in an increasingly complex world, focusing on the importance of social inclusivity in a world of growing inequality, the impact of the social inclusion role of cash in an increasing digital payment environment, the coexistence of cash and digital currency and how mints can play a part in the payment ecosystem of the future. 

Mint Industry Research – Access to cash: Nuances to approaches

Martina Horakova, Managing Director, International Mint Industry Association (IMIA) 

The IMIA is an advocate for mandatory acceptance of cash payments at the point-of-sale of both commercial and public sector services and goods providers. As such, the IMIA is concerned about the impact of access to cash policies and regulations (and the lack of them) on cash handling costs and access to adequate cash lodgement facilities. Particularly concerning is the availability of deposit facilities and change money for merchants, with implications on retailers’ cash payments acceptance. 

It is with this background that the IMIA is currently conducting a study into recent trends in access to cash legislation, regulation and non-binding public initiatives, both in force as well as proposed and under review. The IMIA is researching the institutions behind these initiatives and will assess access to cash policies and solutions in terms of their potential impact on the short-term to long-term level of cash services. The study will compare metrics to determine the access adequacy that citizens have to cash coverage and the role played by alternative cash access solutions, such as ‘banking hubs’, post offices and cash-in-shop schemes. It will assess their impact on convenience and cost of cash access to consumers and merchants in comparison to bank branches and free-to-use ATMs. 

One of the crucial differences in access to cash policy initiatives lies in their future looking nature. Ranging from approaches aiming at proactively defining an adequate level of access to secure the role of cash as reliable payments option for citizens with a long-term perspective to those purely targeting the preservation of the, often already deteriorated, level of cash infrastructure status quo. The latter is often accompanied by commitment to ensure cash is provided ‘as long as there is demand for it’, not recognising access to and acceptance of cash levels and policies as endogenous factors to the current and future demand. 

In that sense, the recent result of the Swedish parliament inquiry into payments suggesting mandating greater acceptance of cash, as well as allowing citizens to pay legal fees as well as taxes in cash, while concluding that there is not yet a strong case for retail CBDC in Sweden, represents a positive pro future cash resilience change and recognition of the state’s responsibility in this respect. 

In the Netherlands last year, the De Nederlandsche Bank (DNB) signed a ‘Cash Covenant’ together with major banks, the Dutch Payments Association, as well as representatives of consumers, retailers and providers of cash services aiming to safeguard the permanent availability and accessibility of cash. The signed agreement was reached only for the next five years, after which the parties will see “whether they wish to continue to participate in the Covenant”. The covenant also, somewhat interestingly, calls for new electronic payments forms to be identified and developed as fallback options for debit card payments outages, other than cash. If these, undefined, alternatives are introduced gradually, the number of ATMs for withdrawing banknotes can be gradually reduced without jeopardising the five-kilometre accessibility standard set by the five-year agreement. However, DNB also crucially states in the document that the central bank together with the ministry of finance will commission an independent study on how the “public interest that cash represents” can best be safeguarded, exploring such options as the role of banks and/or other payment service providers, including subsidisation and setting up a so-called ‘universal cash service provider’.

The Reserve Bank of New Zealand (RBNZ) says it “remains committed to ensuring cash – as one form of central bank money – is available to New Zealanders for as long as people value and use it,”. The RBNZ is actively publicly stating that “cash provides choice, autonomy, and agency” for all, and that the central bank is aware of the need to improve cash accessibility. As it seems given that New Zealand’s banks do not see any necessity to improve cash withdrawal facilities, the central bank is looking into “further exploring the potential net benefits of policies that support merchants having an expanded role in cash distribution to augment the current and shrinking commercial bank-centric cash system.” The RBNZ is therefore exploring that retailers are sufficiently supported by making sure they would be adequately remunerated for cash out services, as well as providing them with frequent, affordable cash delivery and collection. 

Cash-in shops schemes are being explored in other countries, notably the cash without purchase scheme in the UK. However, questions remain whether British merchants are fairly supported to take on cash services for banks’ clients, to make this alternative method sufficiently attractive and therefore sustainable. Retail associations voiced the need to be properly compensated for instance for higher risk and insurance premiums for more cash on site and compensation for the increasing cost of merchants’ access to and deposit of cash, given free-to-use ATMs and bank branch closures.

In Belgium, a new non-binding agreement was signed at the end of March between the government and the financial sector to guarantee satisfactory access to cash for all Belgians; the jury is currently out whether it will be sufficient to improve access to cash or whether hard law will be needed. 

Memoranda of Understanding with credit institutions seem too often only possible to come into existence if banks are ‘threatened’ with hard law on cash access. This was the case in Lithuania, where the central bank of Lithuania was supported with an access to cash memorandum by the parliament. A parliament committee member proposed a new law to make all salaries paid into bank accounts, not by cash, which then sparked the opposition in the parliament to support the proposal only if new law and regulation was introduced to increase the access to cash provision by banks. It was this dynamic that made banks willing to start engaging and commit to a memorandum on access to cash. 

The measurement of access to cash for consumers can vary within institutions from the same jurisdiction, while the German Bundesbank found that “in the December 2022 issue of the Monthly Report, the Bundesbank’s experts demonstrated that the overwhelming majority of citizens consider the effort involved in getting to an ATM or bank counter to be low or very low.”4 The Federation of German Consumer Organisations (Verbraucherzentrale Bundesverband – vzbv) advised that an increasing number of its survey respondents reported “having had problems getting cash (24 per cent [2019], 29 per cent [2021]). The most common difficulties with cash withdrawals in 2021 were: the lack of an ATM nearby (32 per cent of those who had frequent or occasional difficulties), technical problems (25 per cent), and no banks or savings banks nearby (16 per cent).” 

These diverse experiences with access to cash policies underline the need for a stocktake. IMIA’s study will fill this gap and shed light on these critical but poorly understood areas of cash policy. 


DNB (April 2022): ‘Cash Convenant’ https://www. 

Karen Silk, Assistant Governor, RBNZ (9 November 2022): ‘New Zealand’s changing payments landscape and potential responses to it – a regulator’s view’ review/r221109c.pdf 

BBC News (1 December 2021): ‘Shops step in to supply cash as ATMs close’ ( com/news/business-59475365 

Bundesbank (January 2023): ‘Access to cash in Germany: analyses of the spatial availability of cash withdrawal facilities‘ https://www. 79957cb8d585ca94d1caa76b7411/mL/2023- 01-zugang-bargeld-data.pdf 

VZBV (December 2021): ‘Verbraucherbefragung zu Bargeld | Umfrage im Auftrag des vzbv | Dezember 2019 und Oktober 2021 [Cash Consumer Survey | Survey commissioned by vzbv | December 2019 and October 2021]’ files/2021-12/2021-12-03_Chartbericht%20 Bargeld_3.0.pdf 

March 2023

MDC 2023, Canada, 15-18 October 2023

MINTING FOR THE FUTURERegistrations are now open.

EDITORIAL: How to help control expenditure – A role for cash

In many countries during COVID and now post COVID we have seen an increase in the demand for cash – notes and coins – which is counter to the forecasts of some central banks and policy makers.

Against a backdrop of aggressive promotion of cashless technology and exaggerated misinformation about the transmissibility of COVID on coins and banknotes, many consumers have reverted to cash or at least partly returned to using cash for transacting purposes. Some central banks will suggest that demand for high denomination notes has been a risk mitigation reaction from consumers who use cash as a ‘store’ of value i.e. holding money for ‘saving’, particularly in times of fear and uncertainty such as during the COVID pandemic.

But in this challenging economic environment cash has been more than that. Many consumers have preferred to use cash because it helps them budget and control expenditure by preventing over spending. These are benefits that don’t accrue from the use of credit cards with high credit limits and high interest rates or the Buy Now Pay Later sector.

As governments around the world attempt to address burgeoning debt and deficits, particularly the aggregated value of consumer debt, it is well worth reflecting on why and how this situation has arisen.

Prior to the introduction of consumer spending technologies and debt creating vehicles, people could spend only what cash they had. While no-one is suggesting that we revert to cash as the primary means of transacting, it is important that policymakers and central banks accommodate those who so heavily rely on cash to limit their spending and avoid being in default.

We remind policymakers that cash on hand is the most effective vehicle for limiting spending – if you don’t have it you can’t spend it – and in times of economic hardship, when rising interest rates are contributing to increasing cost of living, the use of cash helps consumers to manage their finances.

February 2023

EDITORIAL: Access to and availability of cash

As the use of less-cash technology continues to grow, particularly in developed economies, so does the demand for banking services decline. This provides the ideal opportunity for banks and financial institutions to close branches, particularly in less populated localities and regional towns, making it increasingly difficult for people in those areas to manage their finances and importantly to deposit and withdraw cash.

Banks, which arguably consider branches as a cost and not a community service, continue to announce branch closures with seemingly little regard for those who rely on cash in their daily lives. Such people include those who are typically more economically vulnerable and less technologically capable. This cohort often uses cash for budgeting and managing household finances, and it is for them that cash remains critical.

Governments, as they have done in the UK, must consider the impact that these branch closures and related loss of financial services is having on cash-reliant people and the communities in which they live.

I’ve previously referred in this column to the introduction in the UK of the Financial Services and Markets Bill, which is likely to be passed in the UK Spring of 2023. In May 2022, the UK Government announced its intention to legislate to provide the Bank of England with the “powers necessary to ensure the UK’s wholesale cash infrastructure – which includes the network of cash centres integral to the sorting, storing and distribution of notes and coins – remains effective, resilient and sustainable and continues to support cash across the UK”.

This is a clear signal to banks and other financial institutions in the UK that, while decisions about access to cash maybe ‘voluntary’ there is an expectation from the UK Government that cash will be readily accessible to everyone.

While this does not guarantee access for all, it is a legislative model that policy makers in other countries should consider to ensure that those who rely on cash for legitimate reasons will continue to have access to cash – both notes and coins.

MDC 2023, Canada, 15-18 October 2023

MINTING FOR THE FUTURERegistrations are now open.

December 2022

EDITORIAL: Cash in the challenged world economy

2022 closes with a world economy struggling to deal with heightened geopolitical uncertainty and with growth rates for 2023 at best challenged and potentially in decline. The inflation ‘genie’, generally under control over the past decade or so, is now out of the bottle and as Central Banks attempt to reign it in, the impact of a rapidly increasing interest rate response is placing households and consumers under serious strain. 

As consumers feel the pressure of interest rate increases on their mortgages and more immediately through credit card debt, many will need to adopt weekly budgeting and tight financial management to help with what is shaping up to be a potentially difficult new year. 

As we have previously discussed, cash is a very effective facilitator in helping to manage the weekly budget, let alone its use being free of interest rate increases. 

Cash continues to play a very helpful role in difficult economic times. 

MDC 2023, Canada, 15-18 October 2023

Founded in 1962, the next Mint Directors Conference (MDC) takes place in Ottawa, Canada, hosted by the Royal Canadian Mint.

Join us as we meet in person for the first time in five years. Come together with over 300 delegates from the minting and related industries to discuss the future of circulation coins, collector coins and bullion, as well as Industry contribution to the sustainability agenda. Discussion topics include: 

  • The social inclusion – the role of cash in an increasing digital payment environment 
  • How mints can and do contribute to the sustainability agenda 
  • Coexistence of cash and digital currency – myth or reality? 
  • How can mints play a part in the payment ecosystem of the future? 
  • Unprecedented world events and their impact on the industry – Sharing of experiences around the world 
  • What are the new trends in numismatics that could increase revenues? 
  • Do we need to rethink the numismatic ecosystem? 
  • How can we engage with the younger generation? How can we interest them in coin buying? In fact, let’s ask younger mint employees to join us at the conference to tell us. 
  • The bullion market insights
  • The bullion/collectible coin boundary 
  • As an industry, where will we be in 10 years’ time… and more importantly is this where we want to be? 

More information available here (with online registrations opening soon). 

November 2022

EDITORIAL: When will cash disappear?

A question that is often asked, besides what will happen to low utility / low value coins, is how long will cash be in existence in this rapidly digitalising world. 

The typical response is that as long as there are consumers in society who are socially and economically disadvantaged, or are elderly, or have a mistrust of technology, or are fearful of loss of privacy, or are just unwilling to change because of tradition and culture, then cash and coins will continue to be used and therefore in demand. 

That would suggest cash will continue to be a medium of exchange, particularly for small value transactions, for a considerable time into the future. Given that 17 per cent of the world remains unbanked, perhaps it will be decades. 

Over the past twelve months we have presented and discussed six key reasons why cash continues to be in demand and will continue to be so for the foreseeable future: 

  • when technology fails 
  • to protect ‘privacy’ for those fearful of loss of identity, being tracked by marketing or having their identity stolen 
  • to make it easier to make a charitable donation 
  • to help teach financial literacy 
  • for daily, weekly and monthly budgeting and financial management by those on very low net incomes struggling just to ‘survive’ 
  • to facilitate financial inclusion eg. for those on low incomes and elderly consumers. 

While ever these legitimate reasons remain for cash – notes and coins – to be used and therefore demanded, Central banks and policy makers are unlikely to decree, as has been attempted unsuccessfully by at least one country, to become entirely cashless. 

Cash will continue to be part of the transaction environment for a while yet!! 


October 2022

EDITORIAL: Cash in a Crisis

As a result of the energy crisis and Europe and the UK heading into winter, governments are preparing for the possibility of power blackouts that will potentially impact consumers, government services, manufacturing, the business community and financial institutions. In the case of the UK, banks are dusting off their lockdown contingency plans to ensure data centres can continue to operate.

What happens if blackouts do occur and they last for a number of days? Data centres may be protected but will consumers be able to obtain cash from ATMs? What if people can’t digitally transact at the point of sale, because of a power failure? How do consumers manage the simple act of grocery shopping and, given the increasing move to eating out, what happens if they can’t pay for the meal they’ve just had because of a blackout?

The availability of cash for these risk situations is essential – we remind policy makers and governments that this is why they must ensure cash remains readily available.

While digital is becoming a growing part of the monetary transacting system, we are being faced with constant reminders that in certain situations – and not only with particular cohorts of the population – readily accessible cash is critical to the ability of societies to go about their daily lives.

Cash can and will play its part in helping to provide solutions in a crisis.

Change of Monarch – King Charles III

With the sad passing of Queen Elizabeth, coins of the majority of Commonwealth countries that depict the image of her Majesty, while still being available will eventually be replaced by coins that show an effigy of King Charles III.

Tradition determines that the image of a new Monarch will face in the opposite direction to the previous, meaning an effigy of the King will face to the left if you are looking at the coin. For many citizens in Commonwealth countries, it has been a lifetime in which the Queen’s image has appeared on their coins.

After approval from Buckingham Palace, a new effigy will be available to Commonwealth countries and coins featuring King Charles III will progressively enter circulation, most likely dated from 2023 onwards.

The surge in demand from collectors, both existing and new, to obtain the last coins depicting the Queen’s effigy for both circulating and numismatics has been extraordinary, even in countries where the Queen does not appear on their coins.

It is expected that the first of the King Charles effigy coins will also attract additional demand – all of which is a great opportunity for those Commonwealth country Mints and Dealers from around the world to attract and hopefully retain new customers wanting a piece of memorabilia about Queen Elizabeth II, a remarkable person in an extraordinary time of change in our modern history.

September 2022

EDITORIAL: The Demand for cash by older consumers

It’s unsurprising that numerous studies conducted around the world, including one on behalf of the IMF, have recognised the correlation between aged segments of the population and the demand for cash. The older the population, in some cases unfamiliar with technology and generally fearful of the consequences of its use, have continued to use cash. In difficult economic times this demand has remained constant.

A question for policy makers is, given the rapidly aging population, how are these consumers going to be able to access cash if the usual convenient institutions are no longer convenient? Last month we recognised the increasing role of Post Offices in helping to deposit and dispense cash, and while this does provide part of the solution there remains places where this is not possible.

In recognising the need to protect such consumers as well as others who rely on cash in their daily lives, the UK Government announced on 19 May 2022 that through the Financial Conduct Authority (FCA) people in communities across the UK will see their access to cash protected. For the first time UK’s largest financial institutions will be subject to new FCA powers to ensure the availability of cash facilities in local communities.

The Economic Secretary at the time John Glen said, “Millions of people across the UK still rely on cash, particularly those in vulnerable groups, and today we are delivering on our promise to ensure that access to cash is protected in communities across the country”.

This laudable policy position implemented by the UK Government is clear recognition that the older and more vulnerable segments of the population must be protected as the UK and other countries embrace the digital world. Policy makers around the world please take note.

The Death of a much-loved Monarch

On the announcement of the death of Queen Elizabeth not only did the world stop and reflect but the presses used in the production of coins depicting the effigy of her majesty also stopped. To say that she has been a loss to the UK and the Commonwealth would be a gross understatement of how she was loved and admired throughout the world.

On behalf of the Mint Industry we would like to send our condolences to the family and to the UK and Commonwealth residents who have lost a truly great example of a person who lived her values of integrity, commitment, sacrifice and humility.

From the Commonwealth countries who had the honour of having her effigy, in varying contemporised images, on their coins and notes – thank you.

August 2022

MDC to be renamed IMDN

At the MDC Internal Affairs meeting conducted on 9 June 2022, by a vote of greater than two thirds of those in attendance, it was agreed to change the name of the MDC network organisation to the International Mint Directors Network – IMDN. The MDC acronym will now refer only to the actual Mint Directors Conference held every two years, with the next conference to be held in Ottawa Canada from 15-18 October 2023. IMDN will continue to be the forum for networking of the Minting Industry.

Formation of IMDA

At the same meeting it was agreed that all 41 IMDN (formerly MDC) members would be invited to lodge an Expression of Interest to join a funded organisation to be called the International Mint Directors Association (IMDA). On the basis of the proposed IMDA work program presented, to date 19 Mints have agreed to join. Those Mints have been informed. While the initial Expression of Interest timeframe has passed, any [sovereign] Mints that wish to join are still welcome to submit a request for inclusion.

Effective from September 2022, this Mint Industry Communique will be rebadged and provided only to IMDA members as well as a range of value-add activities and programs throughout the following twelve-month period. IMDA members will also have access to a secure IMDA members only part of the Mint Industry website, which will provide information specifically relevant to the activities of IMDA members.