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B VOLUME 6 / DECEMBER 2019 Colombian Mint and The Coin Responsible Resource of the Year Consumption Award is Back On the occasion of the Coin Q: What kinds of coins do you produce? The popular Coin of the Year Award Conference 2019 in Rome, Mint News A: For the most part, the Colombian Contest will also take place in 2020. After Quarterly™ interviewed Señor Bernardo circulation coins, of which there are five the crisis of Krause, the organiser of the Antonio Duarte Páez, Director of the different denominations. The two smallest COTY, the future of the competition was Colombian Mint. He summarises the are made from plated steel, the 200 peso uncertain. Active Interest Media (AIM) measures that have been taken to coins are from white alpacca, ie. nickel bought, among others, the numismatic make coin production at the Fábrica silver, and the 500 and 1,000 peso coins magazine Numismatic News and de Moneda as environmentally friendly are bimetallic. decided to continue the COTY and thus as possible. to honour the most significant new coin Q: What is the organisational framework of the Colombian mint? issues with this award. A: We’re owned by the central bank – Banco de la República – but we do have a certain autonomy. The central bank is subject to the government, but we make our own decisions. The Board of Directors is the main body of the organisation and is composed of the Minister of Finance, the Governor and five permanent members. The Treasury Department, which belongs to the central bank, is our client when it comes to the production of Colombia’s circulation coins. Q: Do you also produce bullion or Bernardo Duarte Páez. commemorative coins? The winner of the 2019 COTY award – Q: In a few words, could you tell us the A: No bullion coins, but commemorative the €50 ‘French Excellency Guy Savoy’ coin. basic facts about the Mint of Colombia? coins occasionally. The judges were contacted and asked to A: Our mint is located in Ibagué, about Q: Do you mint coins for other nations? vote. As of 8 December, the winners in each 150 km southwest of the capital Bogotá. No, we mint exclusively for the A: of the ten different categories have been Our facility for the production of coin domestic market. blanks has been located there since 1982, determined. Then, one of these coins will be Q: What role does cash play in Colombia and in 1986, we took up work at the coin chosen as Coin of the Year. these days? mint. Since then, the entire production COTY 2020 will honour 2018-dated of circulation coins – from the coil to the A: It is still of great importance, but coins. Tom Michael is responsible for the final packaged product – has been carried of course, we are also experiencing organisation. The competition is sponsored out there. change. Today, there are more and by the Journal of East Asian Numismatics. more transactions via credit cards and We have about 100 employees active in mobile phones. blank production as well as coin minting. Continued on page 2 > Q: What is your productivity rate? A: We are able to produce 420–450 million coins a year. www.currency-news.com 1st International Forum for Coin Design Art By Peter Anthony The Shanghai Mint hosted the Shanghai Coin Design Forum for the first time. This Forum gives a place for discussion to another group participating in the creation of coins. While there have been many congresses for medallists who are focused on the production of art objects in marginal mintage, this was the very first meeting of those who are designing circulation and commemorative coins. ‘We have to express all of our ideas and imagination in a tiny, tiny coin. So, we have to choose the right elements to tell the story in a very limited space. It is a very large challenge,’ reflected Italian coin designer Chiarra Principe. From near and far the Shanghai Coin Design Forum brought artists together to discuss and explore that challenge in today’s world. The artist participants of the Shanghai Coin Design Forum pose for a group photo (© Peter Anthony). Over three days, from 11-13 November 2019 at the Renaissance Hotel in Shanghai, The significance that attached to this , Egypt and the Philippines made the focus was always on coin design, coin Shanghai Mint-sponsored Forum could be the journey to Shanghai, as did more than creation. Some speakers described how measured by the large contingent of officials 100 coin designers from every Chinese they now create exclusively on computers, there. For example, Mr Li Huifeng, the coin mint to discuss the past, present and while others work entirely with traditional People’s Bank of China’s Deputy Director of future development of coin and medallic tools. Many related how they combine Currency and Mr Bu Jiangchen, the General art designs multiple skills in innovative ways. All in all, Manager of China Banknote Printing & a fascinating range of approaches to an art The first to speak was United States Mint Minting, spoke to open the conference. 11 form in transition was presented. artist Joel Iskowitz. His speech last year foreign artists and engravers from as far to the Shanghai Mint’s coin designers is afield as the US, Canada, Germany, , warmly remembered. Mr Iskowitz continued

The Mint of Colombia (Continued) Q: Colombia is a country with both features not only densely populated cities like But the most important milestone was extremely densely populated cities and Bogotá, but also the Andes with summits of the Environmental Protection Act of 1991, large, sparsely populated rural areas. How over 5,000 m. Not to forget the rainforest in which forced a lot of companies to rethink does that play out in terms of money? Do the Colombian part of Amazonia. their use of natural resources. Today, we people in the countryside, like in , Colombia contributes 10% to the world’s have consistent laws. Unfortunately, there pay more often by credit card because the biodiversity, that’s the second highest are of course also companies, especially cash supply isn’t guaranteed? biodiversity in the world. Which role informal ones, that do not respect the legal requirements. But for us as a public A: To the contrary. Especially in the rural does environmental protection play in areas, people prefer traditional means of your country? enterprise, that is not an option. In 2012, we presented a new series of payment like coins and banknotes. A: Colombia is one of the pioneers of circulation coins. All our coins depict Q: Ensuring the money supply must be environmental protection. The first laws quite a challenge. After all, Colombia is in that area date back as far as the endangered animal and plant species. about three times the size of Germany, and 18th century. They’re a sign for how much we care about the environment, especially the water. Take our 1,000 peso coin. It features the image of a sea turtle swimming through stylized waves. In micro-lettering, there is the word AGUA (water) seven times. On the value side, you can read CUIDAR EL AGUA four times, which means ‘Take care of the water’. Q: So this is important to you? A: Yes, very much so. At about the same time that we issued the new circulation coins, we started a campaign aimed at sensitising our fellow Colombians about careful use of water. The Mint of Colombia (©Mint of Colombia). 2 MINT NEWS QUARTERLY his thoughts at the Design Forum and reconstructed the medal’s design, the Philippines. He has mastered everything added, ‘I think that if the artist is doing his, audience hung on her every word. It was a from manually polishing dies to virtuoso or her, job… it will speak to anyone in any master class for designers and went down level digital designs. With his characteristic part of the world.’ like cool water on a hot afternoon. good humour, he explained how he once Susanna Blunt, the Canadian portrait The next morning began with US master rejected using an unauthorised program. artist, explained how her image of Queen artist and coin designer Thomas S Instead, he wrote to the company and Elizabeth II has been impressed on more Cleveland. As part of his presentation ‘Feng offered to create a marketing design in than 17 billion Canadian coins. The most Shui in Cross-Cultural Aesthetics’, he told exchange for a license. The company senior artist at this event, she charmed his fellow designers, ‘yesterday is today, agreed. His work was accepted and the the Forum and quickly became an today is tomorrow. The Shanghai Mint has company immediately requested another audience favourite. brought a brighter future to coin making.’ design. ‘Sure,’ replied Mr Abraham, ‘but first send me my license’. The next two speakers presented almost That was very much in tune with Italian opposite approaches. First was Wang sculptor, medallic and coin designer ‘We are constantly on a journey through Min – Deputy Director of the Academic Loredana Pancotto’s presentation. Of all the life. It enriches us and is expressed through Committee of the Central Academy of Fine speakers, her work methods were perhaps our art,’ remarked Chiarra Principe. The Arts and one-time art student who was the most traditional. Every character talented and accomplished Italian designer one of Adobe’s first dozen employees. He appeared hand-chiseled in example after and sculptor presented a compelling case led the Forum through how PC software example of powerfully sculpted subjects for this thought through her outstanding revolutionised publishing and design, but that ranged from portraits to fountains. designs. A favourite subject was children created burdens that fell ever more heavily ‘We must see beauty in harmony,’ and families. She concluded with a on artists’ shoulders. The solution, Mr she observed. medal design that brought a gasp from the audience; her interpretation of the Wang continued, is AI (artificial intelligence). Coin design and sculptor Aleksandra Pandora’s Box legend. Many examples of AI-influenced design Stokic then showed the Forum some of her were shown. It was quite an interesting exceptional designs for the Royal Australian The artist who is probably the People’s preview of what the future may hold. Mint. One that’s very close to her heart is Republic of China’s most honoured As if in reply, Heidi Wastweet, President the 12-sided 2019 50 cent coin. It honours coin designer then took the stage – Luo of the American Medallic Sculpture the country's indigenous languages – many YongHui. The audience closely followed Association, asked, ‘how do we near extinction. 14 translations of the word his reminiscences of his 1979 design for combine tradition with the modern?’ Her ‘coin’ are drawn from native languages. A the first set of commemorative coins for presentation broke down an elegant bird blank spot honours those already lost. his country. ‘All we had was conviction and attitude. We put our hearts into it.’ Mr Luo medal design into its basic elements. ‘At A speaker then walked on stage who then used the 2008 gold 100,000 yuan coin this point I am not yet thinking about the has his feet firmly planted in traditional to discuss his philosophy and methods for medal. I am exploring the subject and techniques, but is truly a master of the coin design. looking for repeating patterns.’ As she digital world: Emerson RG Abraham of the

Q: Colombia is extremely important when So I made a gap analysis – not only for During that process, mainly zinc oxides it comes to the global water supply, being the production sites, but also for the are collected, which are then sold as a raw one of the world’s richest countries in administration and cultural activities. Then material for agricultural purposes. water resources. With a water production I prepared the strategic plan to implement Q: And how about the water? of 58 litres per second, it comes in third the Environmental Program for the Banco A: In that respect, too, we endeavoured place. The international average lies at only de la República. Later on, back in 2011, to understand the entire process, to know 11 litres per second. And although your I was nominated as Mint Director, my where all the water ends up. country has such rich supplies of water, you current position. We were surprised by the findings. Our care about protecting this resource? So you came just in time to experience Q: facility is surrounded by a wide area with Yes, our campaign put an emphasis on the introduction of the new circulation A: lots of lawn and trees, and a large part the fact that water is a little bit like coins. It coins. What an exciting start! of our water consumption was used for travels from one hand to another. It belongs A: Yes, back then, we were just working on watering the plants! So we spent almost to everyone and must be preserved by the designs. All the testing and the technical $3 million on a fully automatic watering everyone. And of course, we as the mint details were still to come. That was an system. Rainwater is collected, purified take responsibility about our use of water. enormous challenge, with all the security and stored in order to water the plants Q: What is it you do to save water? features our coins have, especially the with it. The ground’s humidity is measured higher denominations. A: Let me point out something first: As a to ensure that the plants are only watered human being, I, too, depend on water. That Q: What did you do to save resources? when necessary. is why I do what we do at our mint out of A: We started with our waste, according to Q: And what about the water consumption my deepest conviction. the popular ‘Four R’s’ program – Reduce, during coin production? I’m a chemical engineer with a degree Reuse, Recycle, and Recover. We thought A: Well, we already had a water-cleaning in Environmental Engineering. At first, about all our waste products, how to best system before, but we wanted more. Banco de la República hired me to handle them, and implemented that strictly. We were still wasting water. Our goal research possibilities to better implement That was our very first measure. was a closed water circuit for the entire environmental protection measures into Furthermore, we took care of our production. So we tested various possible our industrial facilities (banknote printing emissions. Since we also carry out melting technologies for that. works and the mint), but also within the processes, we need to be particularly At first, we tried the traditional physical- central bank. careful in that respect. In 2016, we chemical purification, but that didn’t lead improved our emissions control system to the water purity we needed for cleaning by acquiring filters that retain all harmful coin blanks. emissions with an efficiency of 99,99%. MINT NEWS QUARTERLY VOLUME 5 | DECEMBER 2019 3 A panel discussion with three of the guests then wrapped up the Forum schedule. It included Zhu Xihua, the current leader of the Shanghai Design Center’s team. He asked, ‘what is the way forward? We compete with mobile payments and digital currencies. Even, I myself use mobile payments’. ‘I think the future will focus more on the art side. It will have the function of currency, but it will be an art product. Designs are becoming more diverse in all countries. For young designers we must focus on how to develop more useful aspects for coins.’ The Shanghai Coin Designer’s Forum was a first. There had never been a gathering of artists like this before, brothers and sisters in numismatic art. A goal for every designer present was to improve the quality of his, or her, own work and to lead their country’s numismatic products into the world of tomorrow. The bar was set high, but everyone is determined to return and soar even higher next year. Work on the Shanghai Coin Design Forum and Award for 2020 has already started. As this event will coincide with the 100th anniversary of the Shanghai Many of the artists had submitted designs for a competition and now the winners were announced. Top prize winner Mint, it is expected to be a particularly was Zhu Xihua. Sandra Deiana took the silver prize. Honorable Mention recognition went to Aleksandra Stokic, Lu DanYe and Qiu YanXin. The awards were handed out by Prabir De (© Peter Anthony). significant and memorable event in the minting industry calendar for 2020. www.shmintjp.com

Then we tried newer methods and opted Q: And are you satisfied with this unit? sensitise for the importance of all these for vacuum evaporation. With that, we measures of preserving resources. A: Yes, we are. Every Friday, we organise get the water quality that is ideal for guided tours for schools, aspiring Because protecting the environment is our washing blanks. technicians and other groups. We show responsibility. We mustn’t use a product At the same time, we reached our goal of them how we managed to make the as means of payment that is harmful to a closed water circuit by buying an H2O processes environmentally friendly. It is in our society. vacuum evaporator about 18 months ago. particular young people who we want to Q: How easy was it to integrate the vacuum evaporator into the processes? A: That was quite simple. We were in the middle of modernising our water distribution system anyway and had changed some of the water pipes. We prepare our blanks for minting in a Spaleck unit which is directly connected to the vacuum evaporator. Q: How about the daily usage? Is the unit easy to supervise? What is the service life? A: The unit is very easy to operate. Our quality team has taken over its supervision. They check the normal operation every day, which is a very simple process without any special requirements. Sure, you have to become acquainted with this new technology, but no extra employee is needed for that. With a physical-chemical cleaning system, that would be an entirely different story.

VOLUME 5 | DECEMBER 2019 4 Third Time Lucky? The Curious Case of the Elusive 50 Pence Brexit Coin By Michael Alexander, Banknote and Monetary Research Centre For anyone not to have heard of The announcement was made after the But, let’s have a look at the quote: ‘PEACE, ‘BREXIT’ you would have had to be delivery of the annual budget speech and PROSPERITY AND FRIENDSHIP WITH asleep for the last three years or, been a many coin collectors were excited about ALL NATIONS, 29 MARCH 2019’ Then long-time contestant in the Big Brother the announcement. It was however the changed to… ‘31 OCTOBER 2019’. A House, cut off from any and all forms of least of the country’s worries since many thoughtful sentiment borrowed from current news. constitutional experts warned there would writings that partially quote America’s third be a long period of negotiations ahead. president and author of the US declaration On the day the Chancellor made the of independence, Thomas Jefferson. Was announcement, the story made headlines, this perhaps a subliminal message to the newspaper campaigning for such Brussels or simply a message of friendship a keepsake claimed success with: – nothing more? ‘Persuading the Government to create Almost an enduring gesture to mark Brexit as a Because the coins included the actual date landmark national moment’. of Britain’s departure, the event will have Predecessors to take place in order for the coin to be The idea of a commemorative coin wasn’t relevant and not an expensive (some say so far-fetched and did have precedent. The very collectable) numismatic error. second commemorative coin issued in the Enter Boris Johnson, boisterous former UK after decimalisation was in celebration Mayor of London who succeeded Theresa This coined-phrase became internationally of the country having joined the precursor May as Prime Minister in July of this year. known as Brexit that referenced a proposed to the European Union, the European Promising to deliver Brexit by 31 October exit of the UK from the EU. Coin collectors Economic Community, in 1973. 2019 and as a gesture of good faith, he who have been keeping up with European instructed the Treasury to begin production politics may have recently read that the Two more EU-themed coins would follow of an estimated 3 million coin keepsakes anticipated commemorative Brexit coins and all issued as the distinctive seven-sided in earnest. The Royal Mint assured the eagerly awaited by some – derided by 50 pence denomination. Coins dated 1992 Treasury the bulk of the much publicised others – came very close to being released were minted when Britain assumed the and elusive Brexit coins would be available into circulation at the end of October. rotating European Council presidency and another one for the same subject in 1998. in time for release on the day. When the results of the June 2016 In early October, it was all-go at the Royal referendum were announced, few had That there would one final coin was Mint who had proposed to produce at least accurately predicted the United Kingdom perhaps on the minds of many coin 1 million coins, and on time. When the would choose to leave the European collectors, as the ultimate issue with an Johnson government, without a majority Union after a membership of 43 years – EU-theme which would in some way bring in Parliament and therefore at a stalemate although one of tumultuous highs and lows. the UK’s membership to a full circle so with the predominantly Remain-supporting There were cheers and jeers, parties and to speak. legislative body, advised Brussels they were celebrations, as well as some lamenting Setbacks officially requesting yet another extension the opportunities they saw as no longer Of course, the future release of to Brexit to 31 January 2020 (which was available to them as EU citizens. commemorative coins focusing on Brexit granted), the brakes were duly applied on A landmark national moment essentially hangs on the ability of the UK this numismatic project once again. The needs a keepsake after all! to negotiate an eventual exit from the EU, British Treasury advised the public that The last thing many ordinary Britons and actually leave. On two occasions, the significant quantity of 50 pence Brexit thought about at the time was ‘will there there have been much publicised delays in coins carrying the 31 October date were be a commemorative coin for Brexit?’ releasing the coin. Depending on the side all melted down – just before their official But, it was a legitimate question. On 7 of the political spectre – pro- or anti-Brexit release date. – the delay of the coin is either exasperating March 2017, Prime Minister Theresa May Time, and events, move on, and after the or comical, and perhaps indicative of the signed into law the Article 50 clause of last few years of setbacks and delays, this state of negotiations as a whole. the Maastricht treaty which stated the UK month’s UK general election resulted in a intended to leave the EU – no later than 29 Blame the negotiators, the politicians, for sizeable majority for the Prime Minister and March 2019. One of the country’s most heaven’s sake – blame the voters… all his party – with the result that the mandate popular tabloids actually campaigned or none of the above. If we want to get to leave the EU on 31 January has been to its readers to support the issue of a down to the nitty-gritty, would blaming the secured, and it will finally go ahead. commemorative 50 pence coin to mark designer of the reverse side of the coin be With the leave date having been extended the event. valid for including the proposed exit date? for a third time, is it possible therefore that Well, aside from the sincere though uplifting In October 2018, Britain’s Finance Minister these coins may actually see the light of message which features as part of the (known as the Chancellor of the Exchequer) day? Would anyone want to place a bet on overall motif, the date of departure does announced the UK would indeed issue some of these elusive error coins surfacing feature in the design. a commemorative coin to mark the in the future – perhaps even before the its departure. official Brexit coins, and for staggering sums? Keep your eye on the prize, and on those popular on-line auction websites!

5 MINT NEWS QUARTERLY While Estonia Announces Plan to Issue 10 Million 1 Cent Coins, their Elimination is Also Discussed By Michael Alexander, London Banknote and Monetary Research Centre The Bank of Estonia announced on 25 The central bank reports that those A Eurobarometer survey carried out October through their press department denominations, 5 cents to €2, are in last year showed that 71% of Estonian that they have ordered 10 million 1 euro sufficient quantity and as such it does not consumers would be in favour of the idea of cent coins from Slovakia’s Kremnica need to order new supplies of these coins introducing rounding rules. Estonia’s legacy Mint to meet the needs of merchants every year. The Bank of Estonia reported currency, the kroon, when first reintroduced demanding low value coins for use with that an average of two truckloads of new in 1992 was easily converted to the euro as cash payments in the years ahead. 1 and 2 cent copper coloured coins are soon as the irrevocable rate of exchange As Estonians readily circulate 5 cent coins brought to Estonia every year. was set for the deutschmark against the and larger coin denominations routinely, the As with many countries who are part of single currency in 1999. Since the kroon Bank deems there are sufficient quantities the Eurozone, those who receive the two was officially valued against the German of the six higher denominations to meet smaller coin values during cash transactions currency at a rate of 8 per DM, as such the public demand. do not re-circulate them, as a rule, but value of the krooni against the euro was deposit into their bank accounts larger routinely traded at EEK 15.65. quantities, exchange them at post offices At the time of its introduction in 2011, the or simply save them up. The reason 1 euro cent coin was equal in exchange for this is that throughout much of the to the previous 15.6 senti and the 2 eurozone, the 1and 2 euro cent coins have euro cent coins equal to 32 senti. The no buying power as individual or stand- smallest Estonian coin within the krooni alone denominations. currency was the 10 senti coin. The new The Bank of Estonia, which introduced consignment of 10 million 1 euro cent the single currency in 2011, has started a coins equates to just 7.55 coins per person discussion about whether the circulation for the whole of the country’s population of 1 and 2 cent coins should be limited or of 1,324,000. discontinued, with rounding prices to the Publisher: Currency Publications Ltd Average in association with Monea. nearest 5 cents introduced. Nation Monthly 1 and 2 cent Income (€) eliminated Editor: If Estonia does introduce this rule, it will Dr Ursula not be alone, as its neighbours across Lithuania 706 the Gulf of Finland abandoned the use of Kampmann (left) Latvia 812 these two coins almost immediately after Contributors: the introduction of the euro in 2002. In Slovakia 942 Michael Alexander, 2004, the Dutch Central Bank announced Estonia 1089 Peter Anthony it would discontinue the distribution of Portugal 1264 1 and 2 euro cents. The Central Bank of Ireland announced the practise of Slovenia 1594 Mint News Quarterly™ is produced ‘rounding’ in 2013 with a great public Greece 1639 awareness campaign. In 2014, it was the every three months and only Malta 1779 distributed with Currency News™. turn of the National Bank of , which announced it would no longer support Cyprus 1873 10 Windmill Business Village, the use of the two smaller coins, and the Spain 2102 Brooklands Close, Sunbury, Banca D’Italia announced in 2018 that it Italy 2585 x TW16 7DY, UK would also halt the distribution of the two www.currency-news.com smallest denominations. EU28 2610 The Bank of Estonia has offered advice 2864 on the rule of rounding of prices. It has 2994 PUBLISHED IN ASSOCIATION WITH MONEA reiterated that it is not individual items Finland 3300 x for sale or services that should be either rounded up or down but, rather, Belgium 3346 x No part of this publication may be reproduced, collectively, the final total at the point of Germany 3380 stored in a retrieval system or translated in any sale, and only for cash purchases. Studies form or by any means – electronic, mechanical, 3544 x photocopying, recording or otherwise – without have shown that experience from other the prior permission of the copyright holders. countries who have put this practise in Ireland 4003 x The copyright is owned by the author. If no place have indicated that rounding up or Luxembourg 4246 author is mentioned the copyright is with down does not exponentially raise prices Dr. Ursula Kampmann. Not only are the nations with a high average overall. However, rounding is effective in COPYRIGHT 2019. ALL RIGHTS RESERVED income discussing the elimination of the smallest substantially reducing the use of one and denominations, but also Estonia, which is the country Sponsors two cent coins. with the fourth lowest income in the EU.

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