RAM Annual Report in Detail 2010-2011

November 18, 2011

The Royal Australian Mint, Deakin ACT

The Royal Australian Mint, the only supplier of Australia's circulating currency recently released their annual report for the financial year 1 July 2010 to 30 June 2011. At 129 pages it's yawn inducing material so I've gathered the important information that will be of interest to collectors.

In the 2010/11 financial year the RAM produced 250,200,000 pieces of Australian circulating coinage. It also produced currency for the Cook Islands and Fiji. No longer weighed down by the global financial crisis the Mint's revenue grew 6% over the previous year and recorded the largest annual sales since 2006. The Mints' premises in Deakin saw a total of 207,906 visitors.

The Mint has established a new International Business Development section whose objective is to explore overseas business opportunities using the Mints' spare capacity to increase output achieving greater return for the government. Foreign business volume is expected to increase from $2.5milllion to $10 million in the next financial year with a contract secured with the Samoan government to replace their current circulating currency with smaller and lighter coins with new designs.

A coin from the NCC on display at the First Floor, RAM, Deakin ACT

The Mint is the custodian of the National Coin Collection (NNC) which holds examples of the most important Australian decimal and pre-decimal coins. Each year the collection is independently valued by Mr Tony Byrne and is currently valued at $22.9million, an increase of 2% over the previous year. It hasn't seen a larger increase as the coin market is seen to have reached a plateau. Some of this collection can be seen in displays at the Mint in Deakin and most is locked safely away. The Mint has approved the purchase and implementation of a collection management database system, one proposed use of this system may also enable the public limited access to the collection via the internet.

Reverse Die for the 2010 Centenary of Australian Coinage Four Monarchs Dollar

The Toolroom of the Mint has delivered 3,052 coining dies for this financial year. This total comprises of 1,166 circulating dies, 1886 numismatic dies and 180 collar dies. The total number of dies has not significantly changed from previous years but there has been a reduced need for circulating dies and an increased number of collector coin dies produced. A separate department of the Mint, the Die Polishing Service, delivered 4,875 dies made up of 3,357 new dies and 1,518 refurbished dies. Projects planned for 2011/12 include new equipment for the protective coating of coins and medallions and new equipment to apply the colour printing to coins.

Notable themes for coin product manufactured by the Mint in the 2010/11 financial year included the 150th running of the Melbourne Cup, the 60th anniversary of National Service, the Royal Wedding and The Ashes Series of which the six stitcher 20c design (seen below) greatly tested the Mint's technical capabilities. William and Kate Royal Wedding products were produced targetting the broader population. The commemorative circulating 20c was released to serve as a souvenir of the event and to remind non-collectors about the hobby of coin collecting. The Mint also produced an order of 250,000 tokens commissioned by a Victorian Newspaper for the Royal event.

Products currencly in development for the 2012 calendar commemorate/celebrate events such as the 50th anniversary of the Australian Ballet, the 70th anniversary of the Bombing of Australia, the 100th Australian Open Men's Champion and the Diamond Jubilee of the Queen. 2012 will see a new online Mint eShop which will be housed internally and not externally as it is currently. The Mint is preparing for the retirement of a long term coin sculptor with succession planning a key activity in progress. This involves projects with local tertiary educational facilities and the outsourcing of coin designers and plaster carving.

Australian 2011 20c - The Ashes designed by Wojciech Pietranik

Read the full report at www.ramint.gov.au.

Posted by harrisk at November 18, 2011 1:24 PM
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