Presentation on theme: "Iraq Technical Presentation Copyright: Royal Mint July 2012 The Royal Mint Making money for Everyone Monday 16 th July 2012, Baghdad, Republic of Iraq."— Presentation transcript:
Iraq Technical Presentation Copyright: Royal Mint July 2012 The Royal Mint Making money for Everyone Monday 16 th July 2012, Baghdad, Republic of Iraq The Royal Mint Making Money for Everyone Matthew Mould Regional Director of Sales
Copyright: Royal Mint September 2012 The Royal Mint – 1100 Year History Iraq Finance 2012 Tower of London, 1250 – 1812 Tower Hill, 1812 – 1968Llantrisant, 1968 to present Origins date back over 100 years to Anglo-Saxon London
Copyright: Royal Mint September 2012 The Royal Mint – What we do Iraq Finance 2012 Medals Sole producer and supplier of all HM Armed Forces Medals, Decorations, Awards and Honours. Other customers include the Home Office, Foreign & Commonwealth Office, Privy Purse Office of the Deputy Prime Minister, HM Prison Service. Commemorative Coins Design and manufacture base and precious metal commemorative coins and medals. Established retail and on-line presence. Official London 2012 Olympics partner. Circulating Coins Producer of all legal tender UK Circulation Coins. Approximately 1.3 billion UK coins will be issued this year. Supply over 60 countries for coins and blanks. Technical services and consultancy.
Copyright: Royal Mint September 2012 The Royal Mint Iraq Finance 2012 The Royal Mint is recognised as the world leading manufacturer of coins and medals. The Royal Mint is known worldwide for the high quality of its coins, and a long tradition of craftsmanship, heritage and artistry, having been in business for over 1100 years. The Royal Mint is the worlds leading export mint. The Royal Mint is the largest and most technically advanced mint in Europe and capable of producing 5 billion coins and blanks per year. Its Accreditations ISO 9001:2000, ISO 14001 and ISO 50001 demonstrate commitment to quality, environment and energy management
Copyright: Royal Mint September 2012 The Historical Relationship between the Royal Mint and the Central Bank of Iraq Iraq Finance 2012 For almost 100 years the Royal Mint has been the manufacturer of the majority of circulating coins in Iraq Worked in close partnership with the Iraq Currency Board, the National Bank of Iraq and the Central Bank of Iraq Extensive collection of important and historical Iraqi coins at the Royal Mint museum
Copyright: Royal Mint September 2012 Electroplated Coins Iraq Finance 2012 As the cost of raw materials and price of metals increase, more and more countries are choosing electro plated coins and blanks and introducing them into circulation. Electroplated coins consist of a steel core surrounded by a layer of electroplated material (Nickel, Copper or Brass). The price of Steel is much lower than the traditional homogenous / solid coin alloys (Copper, Nickel, Zinc and Aluminium). On average the conversion of coins from traditional homogenous or solid coins to plated steel will represent savings of 30 to 40%, representing increased seigniorage for Central Banks and Monetary Authorities.
Copyright: Royal Mint September 2012 Electroplated Coins Iraq Finance 2012 It is important to recognise that there are different Electroplated technology available in the market place. Electroplated technology can vary in terms of number of layers of plated material and the thickness of layer(s) Accurate and detailed specification is of vital importance to ensure Central Banks receive circulating coins of the desired quality and that expectations are met 3 main types of Electroplated Coins – Full, Dual and Multi / Triple
Copyright: Royal Mint September 2012 Full Plate Iraq Finance 2012 Full plate technology (a single and thick layer of plated material) is the internationally recognised standard that has been adopted by over 100 countries, including UK, USA, China, Euro-zone, Russia, Egypt and Nigeria. The Royal Mint is the world leading manufacturer of Full Plate, with over 20 years experience, and supplying on average 60 countries annually. Full Plate is a single, thick layer of material that is electroplated directly onto the steel core. The plated layer has a thickness of 25 microns and represents a minimum of 6% of the coins alloy. Full Plate is the speciality of the Royal Mint and highly recommended for the new Iraq Coin Series.
Copyright: Royal Mint September 2012 Full Plate Iraq Finance 2012 In comparison to alternative plating technology, Full Plate represents significant advantages: Full Plate coins have the longest lifetime in circulation (minimum 25 years). Full Plate is the only plating technology that can accommodate maximum security and the diversity of security options available on Royal Mint Full Plate coins is far greater than that provided by other suppliers. Full Plate will represent significant cost savings and maximum Seigniorage for Central Blanks. The ductility and composition makes Royal Mint Full Plate the superior choice for striking high quality finished coins. Royal Mint Full Plate coins can be recycled and the metal reclaimed. In Full Plate coins the plated material is electroplated directly onto the steel core, ensuring that the external layer is securely bonded.
Copyright: Royal Mint September 2012 Dual Plate Iraq Finance 2012 Dual Plate technology combines a layer of copper that is electroplated onto the steel core, and then a layer of nickel or brass is added. The outer plated layer is very thin at just 3 to 8 microns. In this situation, the thin outer layer will wear down very quickly (just 3 to 8 years), revealing the copper layer underneath. Therefore the lifetime of a Dual Plate coin in circulation cannot be expected to exceed 8 years and on average the lifetime in circulation of a Dual Plate coin is just 5 years, after which the coins must be replaced.
Copyright: Royal Mint September 2012 Multi / Triple Plate Iraq Finance 2012 Multi Plate or Triple Plate consists of three layers of plate, usually nickel on copper on nickel. The outer layer of nickel is very thin at just 3 to 8 microns. As Fraunhofer concluded, the outer layer of plated coins wears at a rate of 1 micron per year. Therefore after an average of just 5 years the outer plated layer is worn away revealing the red copper layer underneath. This results in the coins looking rusty and the end of the coins circulating life.
Copyright: Royal Mint September 2012 Full Plate – Accurate Specification – Very Important Iraq Finance 2012 Full Nickel Plated Steel Single Layer of Nickel only on Steel (94% Steel, 6% Nickel) Full Brass Plated Steel Single Layer of Brass only on Steel (94% Steel, 6% Brass) (Brass Alloy = 80% Copper, 20% Zinc) Full Copper Plated Steel Single Layer of Copper only on Steel (94% Steel, 6% Copper)
Copyright: Royal Mint September 2012 Plating Technology – Life in Circulation – Very Important Iraq Finance 2012 Independent industry report and quality assurance labs have concluded that coin plating wears off at approximately 1 micron (μ) per year 5 10152025 Years Full Plate Technology – 25 to 30 microns (μ) Dual Plate Technology – 3 to 8 microns (μ) Multi Plate Technology – 3 to 8 microns (μ)
Copyright: Royal Mint September 2012 Coin Security Iraq Finance 2012 The Royal Mint takes security and the risk of counterfeiting extremely seriously and continues to research, innovate and improve. The Royal Mint manufactures coins with the latest high security features available and our recommendations for the new Iraqi coin series will have state of the art and maximum security. The Royal Mint fully understands that it is vitally important the people of the Republic of Iraq have the upmost confidence in the integrity of their currency. Also, it is important that coins are of the highest quality and feature attractive, inspirational designs.
Copyright: Royal Mint September 2012 Summary Iraq Finance 2012 The Royal Mint is proud to have a long and productive history with the Central Bank of Iraq and Iraqi coins. For almost 100 years the Royal Mint has been the manufacturer of the majority of Iraqi circulating coins. The Royal Mint would be most honoured to manufacture the new coin series for the Republic Iraq and to continue our mutually successful association and partnership. The Royal Mint is the world leading manufacturer of coins. The Royal Mint has a worldwide reputation for the high quality of its coins that is achieved through a combination of immense craftsmanship and skill perfected over the centuries and state of the art, technically advanced machinery. The Royal Mint is the worlds leading export mint with around 60 countries procuring their coins from us per year. The Royal Mint is the largest exporting mint in the world and capable of producing 5 billion coins per year.
Copyright: Royal Mint September 2012 Iraq Finance 2012