Partnering with The Royal Mint
The Royal Mint is the world’s leading export mint, making coins and medals for around 60 countries every year. However, its first responsibility is to make and distribute UK coins.
In August 2013, Vaultex won a tender to carry out an alloy extraction process for The Royal Mint to remove 5p and 10p coins with cupro nickel content from circulation. The Royal Mint introduced Nickel-Plated Steel (NPS) coins as a replacement.
Vaultex created a bespoke process to remove 65% of the cupro nickel coins over three years – an estimated £368 million of currency. We designed new equipment, including a specially commissioned magnet to check for cupro nickel coins, and installed the new technology in our coin processing sites. To date, we’ve processed 5,829 tonnes of coins.
Big cost savings: The project has saved the UK Treasury over £25 million to date.
Award-winning partnership and service: We received three accolades at The Royal Mint Supplier Awards this year, winning Best Overall Delivery and Quality Performance, Working in Partnership (Direct Materials), and Overall Supplier of the Year.
The Royal Mint truly believes in the value of a premium supply chain and our Supplier Awards demonstrate our commitment to working closely with our suppliers. It is fantastic that the contribution made by Vaultex has been recognised with these awards and I am thrilled that Supplier of the Year has been awarded to one of our key partners.
Andrew Mills, Director of Circulating Coin at The Royal Mint