Two sides to every coin: The Mint's CEO on making real money in a digital world
When was the last time you paid for something with coins? If it’s a stretch to remember, you’re not alone.
When was the last time you paid for something with coins? I can't remember either.
It's with this in mind that I spoke to Leigh Gordon, chief executive of the federal government-owned Royal Australian Mint based in Canberra.
The Mint produces all of the nation’s spendable coins, some collectible coins and a range of investment pieces such as gold and silver bullion. It doesn’t print bank notes. That task is handled by a subsidiary of the Reserve Bank (the imaginatively named Note Printing Australia).
In 2011-12, almost $104 million worth of coins were ordered from The Mint. By 2021-22, this figure had fallen below $58 million. There was a bump during the pandemic to about $82.5 million, following a record low $53 million in 2019-20.
