The National Bank of Denmark and the Mint of Finland have announced that starting in 2017 moving forward all Danish coins will be produced by the Mint of Finland.
This follows on the announcement that the National Bank of Denmark made in 2014 that they would cease the production of both coins and banknotes in the near future. The reasons given were that of economic viability of the production facilities.
The Royal Danish Mint is owned by the National Bank of Denmark. According to the bank the increased popularity of cash-less payment methods in that country coupled with the higher quality of circulating coins and banknotes(leading to longer life cycle and higher rates of re-issue), have led to a decline in the necessary production of both coins and banknotes.
The Royal Mint of Denmark has a long and proud history spanning almost a thousand years. Although it was not until the 16th century the the mint was officially established by royal decree.
According to a statement released by the Mint of Finland and The National Bank of Denmark a four year framework agreement has been awarded to the Mint of Finland to produce all Danish coins moving forward from 2017.
Denmarks Nationalbank said in a statement that :
“The basis for the award criteria were the most economically advantageous tenders with relative weighing on Quality, Security and Corporate Social Responsibility.”
Denmarks Nationalbank Governor Lars Rohde and Mint of Finland CEO Paul Gustafsson
As sad as the news is that a centuries old mint will effectively stop production from this year on, can this mean that we could possibly expect more exiting numismatic products from Denmark in the future? The Mint of Finland has certainly proven them selves over the last several years to be a innovative minting facility capable of producing high quality coins.
Mint of Finland Group generates revenue in three business areas: blanks, circulation coins and collector coins. The Group operates in three different countries and delivers blanks and circulation coins to central banks and mints on four continents.
The tender process to for the production of Danish banknotes is still ongoing, but is expected to conclude later this year as well.