Circulating Coin
Entrusted by His Majesty’s Treasury to strike the official coinage of the United Kingdom, with an estimated distribution of 29 billion UK circulating coins, we are also the world’s leading export mint.
The World’s Leading Export Mint
Every year, we produce coins for approximately 50 countries, and medals for around ten countries, including our primary obligation, the UK. Officially owned by HM Treasury, we supply coinage to the UK, with British banks and post offices typically determining the demand for British circulating coins.
With more than 1,100 years of experience, we offer a breadth of understanding in terms of best practice and strategy for circulating coinage. Our skilled Circulating Coin team offers a wealth of knowledge developed through centuries of practice.
Volume of Coins
The overall volume of coins issued and the denominational mix entering circulation varies year on year. Depending on the stocks held and the forecasted demand, we plan production accordingly. In the first instance, coins are issued to cash centres then end up in people’s pockets via bank branches, the retail industry, the vending industry, pubs and car parks.
Coins have traditionally been manufactured using high-cost alloys, which are usually made of brass, copper, nickel and zinc. As metals are obtained at market rates, they are subject to unpredictability and accessibility, whilst the cost of these raw materials is predominantly driving the continual rising costs faced by issuing authorities.
The Coin Reclamation Programme
Our Coin Reclamation Programme, also known as an alloy recovery programme, gives issuing authorities, treasuries and mints an incentive to switch from old to new coins by funding the otherwise costly change from the metal value realised from the old coins. In the UK, we have worked in partnership with HM Treasury to manage a Coin Reclamation Programme for UK 5p and 10p coins. Discover more about our UK circulating coin mintage figures