All Change For The Royal Mint
ALL CHANGE FOR THE ROYAL MINT
The accession of King Charles III to the throne, brings with it the need for changes to British coins and notes. As important as that is, it is not the only challenge currently facing the Royal Mint, with some recent predictions claiming that in ten years time only one in ten transactions will involve cash.
It is re-assuring that Wenvoe’s shops, pubs and cafes still accept cash as a means of payment. Many of us still prefer to have notes in our purses or wallets and are more than willing to put up with the rattle of coins in our pockets when we are given excess change. All good news for charity tins and buckets.
Despite predictions of a cashless society on the horizon, the future of the Royal Mint seems secure for some time to come. After all, coins have a long history, having been around as a method of payment since the 6th century BC. Those early Lydian coins (made of electrum, an alloy of silver and gold) were minted by merchants, in what is now western Turkey, as tokens for trade transactions. Coins have a long and proud history in the UK as well of course, with the Royal Mint having been in existence for more than 1,100 years. It is in fact Britain’s oldest company and is owned by HM Treasury.
The Royal Mint is the world’s leading export mint, making coins and medals for an average of 60 countries every year and still making an annual profit of over £8 million. More than 900 people are employed at the Llantrisant site where some 90 million coins and blanks – metal discs which are minted into coins – can be produced in a single week. That adds up to almost five billion coins a year! No wonder, then, that the Ministry of Defence is responsible for the round-the-clock, 52 weeks a year security of the 35-acre site. The Mint also regularly produces very popular and collectable special edition coins to mark or celebrate important British events. Some have become very valuable.
Following the death of Queen Elizabeth II, the Royal Mint will be designing and minting new coins featuring the head of King Charles III. These will show him facing to the left. Elizabeth II’s effigy faces to the right. It is a tradition from the 17th century to alternate the way successive monarchs are facing.
The new Charles III coins and notes are not likely to appear in general circulation for some time. The Royal Mint Advisory Committee needs to send recommendations for them to the Chancellor and obtain royal approval. Designs are then chosen and the final choices approved by the Chancellor followed by the King. The Queen’s coins did not appear until 1953 – the year after her accession. Elizabeth II’s coins are expected to stay in use until they are gradually replaced.
If you still love coins why not visit the Royal Mint? The Royal Mint has its own fascinating museum and website through which you can book ‘The Royal Mint Experience’ – one of Wales’ top tourist attractions. A guided tour of the site costs from £13.50 for adults, £10.35 for children between 5 and 15 and £11.25 for seniors. There is in fact a full calendar of other activities – ranging from creative workshops to special guest speakers exploring The Royal Mint’s traditions through fun-filled, interactive sessions