Royal Mint
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The Royal Mint is the body permitted to manufacture, or mint, coins in the United Kingdom.
The Royal Mint originated over one thousand years ago, but it has functioned since 1975 as a Trading Fund, operating in much the same way as a government-owned company. It now has Executive Agency status, and is currently undergoing the process of being converted into a Government-owned business. The Royal Mint as a body reports to HM Treasury, though departmental day-to-day responsibilities are handled by the Shareholder Executive. As well as minting coins for the UK, it also mints and exports coins to many other countries, and produces military medals, commemorative medals and other such items for governments, schools and businesses.
The mint has an extensive collection of coins from the 16th century onwards. The collection is housed in eighty cabinets made by Elizabeth II's cabinet maker, Hugh Swann.
The mint operates on a single site in Llantrisant, South Wales. Responsibility for the security of the site falls to the Ministry of Defence Police, who provide an armed contingent.
The annual Trial of the Pyx checks coins produced for the UK government for size, weight and chemical composition.
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[edit] History
The London Mint first became a single institution in 886, during the reign of Alfred the Great, but was only one of many mints throughout the kingdom. By 1279 it had moved to the Tower of London, and remained there the next 500 years, achieving a monopoly on the production of coin of the realm in the 16th century. Sir Isaac Newton took up the post of Warden of the Mint, responsible for investigating cases of counterfeiting, in 1696, and subsequently held the office of Master of the Royal Mint from 1699 until his death in 1727. He unofficially moved the Pound Sterling to the gold standard from silver in 1717.
By the time Newton arrived the Mint had expanded to fill several rickety wooden buildings ranged around the outside of the Tower. In the seventeenth century the processes for minting coins were mechanised and rolling mills and coining presses were installed. The new machinery and the demand on space in the Tower of London following the outbreak of war with France led to a decision to move the Mint to an adjacent site in East Smithfield. The new building, designed by James Johnson and Robert Smirke, was completed in 1809, and included space for the new machinery, and accommodation for the officers and staff of the Mint.
The building was rebuilt in the 1880s to accommodate new machinery which increased the capacity of the Mint. As technology changed with the introduction of electricity and demand grew, the process of rebuilding continued so that by the 1960s little of the original mint remained, apart from Smirke's 1809 building and the gatehouse in the front.
The Tower Hill site finally reached capacity ahead of decimalisation in 1971, with the need to strike hundreds of millions of new decimal coins, while at the same time not neglecting overseas customers. In 1967 it was announced that the Mint would move away from London to new buildings in Llantrisant, ten miles west of Cardiff. The first phase was opened by Queen Elizabeth II on 17 December 1968, and production gradually shifted to the new site over the next seven years until the last coin, a gold sovereign, was struck in London in November 1975. Smirke's 1809 Building is now used as commercial offices by Barclays Global Investors.
[edit] Role of the Royal Mint
The Royal Mint exists principally to mint coins for circulation in the UK. However, it also manufactures and circulates coins for over 100 other countries, mints collectors' coins, and produces military medals and civilian decorations for the British military and orders of chivalry. The Mint also produced coins for Canada until 1908 when the Royal Canadian Mint was established.
[edit] See also
[edit] External links
- British Royal Mint
- Chard website
- Royal Mint Official Store
- Royal Mint privatisation plan halted - BBC News, 9 July 1999
- Coin Designs- Royal Mint Competition Designs
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