The Coin Conference 2024 took place in Lisbon, Portugal’s capital, situated on the River Tagus and one of the oldest cities in the world. Taking place 28-30 October, Lisbon’s combination of the historic and modern was the perfect location for an event focused on the future of circulating coinage and its challenges.
The conference hosted more than 200 delegates, from 102 organisations across 42 countries, with 40% from central banks, monetary authorities and treasury departments.
Two workshops opened the conference, with the first ‘That was Then, This is Now – the New Priorities for Coin Issuers’ attended by central banks and coin issuers. Led by Dieter Merkle of Schuler, the workshop focused on the work of the Customer Task Force under the auspices of the International Mint Industry Association (IMIA). Seven key coin attributes – attractiveness, innovation, obligation, public perception, security, seigniorage (cost/profit), and trust – were noted as priorities for those involved in the coin cycle to focus on. (A more detailed summary of the workshop and its conclusion will be provided in a future issue of Coin & Mint News™.)
The second workshop concentrated on ‘Commemorative Coins for an International and a Domestic Market’. Led by Ursula Kampmann of FAMA and CoinsWeekly, and supported by Falk Liebnitzky of CIT Coin Invest, the workshop detailed why a nation should issue commemorative coins, players in the coin market and their interests, and covered political concerns versus saleability.
Participants took part in group work to create their own commemorative coin series, learning about the factors involved in the creation of a successful coin release including minting and design techniques. Ideas focused on a different country and related topic chosen from the representatives within each group and included Mexico (food and drink), Eswatini (national culture), the Seychelles (sea turtles), and Brazil (football/soccer team series). Creativity was emphasised as a key factor to successfully combine both aspects of national pride (domestic) and saleability overseas (international) in the creation of a new commemorative series.
The workshops were followed by an opening cocktail reception hosted by Imprensa Nacional Casa da Moeda (INCM) at its facility in Lisbon, featuring a recital of traditional Portuguese fado music and providing delegates with the opportunity for a short self-guided tour of the Mint.
The main conference programme was opened the following day by Helena Adegas, member of the Board of Directors of Banco de Portugal, with an overview of the cash and coin landscape in Portugal and the eurosystem. Banco de Portugal has run several initiatives to promote efficient coin circulation and improve sustainability, including working with other central banks to ensure more efficient circulation between and within countries, and providing coin exchange operations in all of its branches.
This was followed by a more general overview of the circulating coin landscape by Astrid Mitchell of Currency Publications, including key factors driving or slowing coin circulation over the last five years. The latter includes challenges posed by negative seigniorage, coin hoarding, alternative payments, and inefficient recirculation. During the same period, 20 new coins series have been introduced, with 20 countries issuing 48 coins with updated designs, 16 countries introducing 20 new coin denominations, and 17 countries discontinuing 41 coins. 1
So, plenty of activity. In addition, an analysis of annual coin production volumes from a shortlist of countries that publish them (16, between them comprising over half of the world population-wise) showed that there is an even spread between countries where coin production is falling (in some cases sharply and mainly in Asia), remaining stable, and actually increasing (mainly in Latin America). In other words, in spite of general predictions of the decline of cash in general, and coins in particular, there is room for optimism.
Session 1 continued to focus on ‘Setting the Scene – Cash and Coins’ with Monnaie de Paris (MdP)’s Marc Schwartz defining cash, cryptos, and CBDCs, refuting claims of the ‘end of the cash era’, noting that demand for cash inevitably increases during a crisis and cash in circulation remains very dynamic in non-OECD countries. He emphasised that the vast majority of French people declare themselves attached to cash according to the MdP’s annual survey.
The European Commission’s Irina Stoicescu provided the organisation’s perspective on euro coin issuance and protection and the legal tender of euro cash. According to the most recent Eurobarometer, 66% of respondents were in favour of discontinuing the 1 and 2 cent coin, in addition to the eight EU states that will have introduced rounding rules by May 2025.
The IMIA’s Martina Horakova then closed the first day’s presentations by detailing its analysis of European legislation and proposals in favour of cash access and acceptance, with several countries taking proactive measures, among them the Netherlands, Belgium, Sweden, and Norway.
Sessions 2 and 3 focused on coin circulation from the issuer and market perspectives, respectively.
Delegates heard from the Federal Reserve Financial Services – FedCash Services’ Turner Angell on issues with US coin circulation, with changes in payment preferences impacting the need for coin and altering circulation patterns. He emphasised that collaboration between stakeholders, particularly in sharing data, is key to mitigating challenges. The lack of data can pose an issue when locating inefficiencies and gauging their scale, with the coin supply chain remaining reliant on effective recirculation of the pool of existing coin in circulation.
The theme of collaboration was echoed by many speakers throughout the conference. Among them were the Banco de Portugal’s Rui Manuel Monteiro, speaking on recirculation monitoring in collaboration with CIT organisations in Portugal, and the Euro Coin Subcommittee’s Antra Trenko on its provision of a platform to discuss coin-related matters and address circulation shortcomings in the EU.
The Bangko Sentral ng Pilipinas (BSP)’s Rosabel B Gurrero then detailed the central bank’s coin recirculation programme, established to reduce coins in circulation, address artificial coin shortages, and decrease production costs. These aims have been achieved through the integration of digitalisation and financial inclusion, including the deployment of its award-winning coin deposit machines.
Session 2 concluded with a presentation from the Royal Canadian Mint (RCM)’s Marie Lemay on the Mint’s production and coin management system, with the latter enabling it to meet 88% of financial institution coin demand in 2023 through coins that were already in circulation. Stakeholder engagement, management of the distribution system, and strategic inventory placement were underlined as factors aiding the RCM in its coin management system, with the data providing the Mint with the knowledge about exactly where Canada’s coins are at any one time.
Crane Payment Innovations’ Keith Williamson opened Session 3 and the market perspective on circulation by describing the need for reinforced customer pathways, with ecosystem collaboration necessary to both encourage and provide consumers with the opportunity to deposit or recycle coins.
Brinks’ Anne Richard Schaafsma continued the theme by detailing the optimisation of coin circulation in the Netherlands, with more than two-thirds of all deposited coins in the country collected via the Dutch Geldmaat system – a joint cash processing systems initiative of Rabobank, ING and ABN AMRO Bank.
Coin repatriation was the focus of the next two presentations by Global Coin Solutions’ Scott Hutchings and Leftover Currency’s Mario Van Poppel. Scott focused on expansion of recirculation programmes beyond the domestic, with charities and cash handlers both significant sources of foreign coin collection. Mario continued the thread by highlighting that the building of an ecosystem to deliver the circular economy (likened to a global network of anthills) provides an alternative, and more sustainable, solution to the current, more consumption-based linear economy.
Proditec’s Eric Sanquer closed the session with an insight into the potential use of robotics and artificial intelligence (AI) in coin recirculation, with new technologies able to account for a greater number of variabilities than previously – including design, aspect, surface, and criteria variability – although we are still some way from the complete replacement of humans with robots!
The final session of the day addressed the topic of sustainability. Currency Publications’ John Winchcombe opened the session with a review of the environmental impact of friction in coin circulation. Sources of friction include a lack of data of what is where , coin weights, denominational structure s, cash decline, lack of ‘flow’, and seigniorage or ownership models. Metal sourcing, plastic production, storage, and transport were all noted as potential issues providing a negative environmental impact.
The Mint Directors Working Group’s Pascal Rencker then presented on the organisation’s continuing research study focusing on the sustainability of cash vs digital payments, including evaluations of carbon intensity, conducted in partnership with the International Currency Association.
The sustainability theme was then continued with a focus on unfit coin and recycling. Arrandene’s Simon Billingham provided examples of coin recycling to optimise sustainability and financial outcomes, including material separation to maximise revenue and minimising costs via careful consideration of packaging, handling, and transportation types.
M.One’s Daniel Sheffer emphasised responsibility in de-coining operations, with old coins a metal resource that has economical and ecological value when decoined in an efficient manner.
The Austrian Mint’s Claus Fischer closed the session by detailing the withdrawal of mutilated and unfit coins from circulation according to Austrian and EU regulations, with national authorities handling unfit euro coins able to charge a nominal handling fee to meet expenses related to the process – according to EU 1210/2010.
The session was followed by presentation of the IACA Excellence in Currency Awards for Coins, with those awarded as follows:
Day 2 concluded with the conference dinner, with delegates treated to traditional Portuguese delicacies – delicious, sweet custard desserts included!
Wednesday morning opened with two sessions focusing on production, inspection, authentication, and innovation.
Mennica Polska’s Siemowit Kalukiewicz and Łukasz Karda began Session 5 by detailing their latest innovation, a flying coin, followed by Imprensa Nacional Casa da Moeda (INCM)’s Bruno Patrão introducing the Mint’s UniqueMark® hallmarking technique for precious metals.
A world premiere of ACSYS Lasertechnik’s Ultra Short Pulse Technology, offering a roughing and finishing process strategy with laser technology, was then launched by Alexander Aminidis. The session concluded with Schuler’s Dieter Merkle detailing the advantages of combined minting and digital solutions, including cost reduction, process improvement, and continuous improvement.
Spaleck’s Ingo Loeken then took delegates through all round inspection using optical validation technology, with integration of hardware and software enabling 3D inspection of relief quality and height, for example. IQ Structures’ Robert Dvorak then detailed the possibilities of integrating holograms into coins, including direct embossing (a multi-step minting process), opaque or transparent insertion (with mechanical or adhesive bonding), and 3D model assembly (via direct printing or insertion).
Carveco’s Robert Newman explored the potential of AI for coin design and analysis, merging traditional craftmanship with new technology through the company’s software. Robert illustrated the ability of AI to provide multiple design options in a very short period of time, although he did touch on the potential legal issues surrounding intellectual property, copyright, and authenticity.
Inorcoat’s Romain Waidelich closed the session with the presentation of a new process to de-coat chromium-coated circulation dies and subsequently re-coat them with a PVD coating.
The final session of the conference took delegates on a global trip of coin circulation. FMA Secure’s Francisco Mandiola presented on coin usage in countries with high inflation, such as Argentina, India, USA, Mexico, Venezuela and Zimbabwe. Aftab Baloch, formerly of Pakistan’s Ministry of Finance and Federal Board of Revenue, expanded on the country’s coin distribution process, illustrating the impact of digital payments and modernisation requirements for Pakistan’s Mint.
Fabrica Nacional de Moneda y Timbre Real Casa de la Moneda (FNMT)’s José Luis Orozco then discussed the Spanish Mint’s collaborations with other mints and issuing authorities, including INCM, the Royal Australian Mint, the Europa programme, and the recent XIII Iberian-American Series.
This was followed by the Central Bank of Eswatini’s Zodwa Nkambule detailing its Coin Management Efficiencies Project (for which it won an award, see above), resulting in an estimated SZL 14 million in cost savings since the inception of the project. RCM’s Marie Lemay ended the conference presentations by introducing the new Mint Directors Association, including its ethos, 18 member mints and eight associate members, and upcoming new virtual hub.
A panel discussion titled ‘Coins in 2035 – What Will the Industry Look Like’ brought the conference to a close by considering the future of the industry. Led by Simon Lake, formerly of The Royal Mint and now Senior Advisor to the Board of Mennica Polska, the panel included the RCM’s Marie Lemay, Mennica Polska’s Siemowit Kalukiewicz, Royal Australian Mint’s Leigh Gordon, MdP’s Nicolas Dumont, and the Thai Treasury Department’s Prapop Anantakoon.
Topics included recent changes (including The Royal Mint’s transformation and complete closure of the Mint of Finland), diversification of mints (opportunities available and programmes already in place), denominational structure including the impact of negative seigniorage and considerations of the notecoin boundary, the changing role of coins amidst digital payment transformations, and how mints will continue to meet the challenges of ensuring efficient coin production and circulation.
As noted earlier in this review, although the myth of the coin industry as a static sector continues to persist, the varied programme more than proves this wrong. Although circulating coins are facing numerous challenges – including a continual shift towards digital payments, circulating inefficiencies, and a greater focus on not just sustainable production but the whole coin cycle – mints and suppliers are rising to meet these with innovative technologies, new processes and, most importantly, collaboration.
Collaboration, be it domestic, international, between government organisations and/ or with suppliers, remains key to ensuring that coin remains a required, accepted, and secure method of payment and source of art.
Following the conclusion of the main conference sessions, the event programme finished with the much-anticipated M One Cup Football Match, which was greatly enjoyed by all participants.
Sponsors for the event were INCM, China Banknote Printing and Minting Corporation (CBPM), the Mint of Poland, Royal Canadian Mint, Sigma Metalytics, Certiline, FNMT (Fabrica Nacional de Moneda y Timbre – Real Casa de la Moneda), M.One, and Monnaie de Paris.
The presentations made in Lisbon will be covered in greater detail in subsequent issues of Coin & Mint News.
The next Coin Conference will take place in 2026, with the location to be announced in due course.
1 - More information about these coin updates can be found in the Directory of Circulating Coins, published October 2024.
