Circulating Coins – Australia
The demand for circulating coins further reduced in 2018–19. This is consistent with global trends as the increasing uptake of technology is embedded into the payments networks. Denominations are affected differently by the changing patterns of usage depending on the utility of the particular denomination. The Mint is working closely with industry to ensure maximum visibility of new and emerging trends in circulating coin usage.
Circulating Coins – Other Countries
Over 25 million circulating coins were produced for other countries in 2018–19, an eight per cent decrease on the same period for 2017–18.
The Mint worked closely with the Central and Reserve Banks of Papua New Guinea, Samoa, Tonga and Vanuatu during the year to replenish their circulating coin requirements based on current demands.
The Solomon Islands, Cook Islands and Timor-Leste had adequate stock for 2017–18.
In 2018 the Mint worked with the National Reserve Bank of Tonga to redesign the country’s five and ten seniti circulating coins so elderly Tongans could better read these small denominations. New five and ten seniti coins were produced by the Mint in early 2019 ready to go into circulation in Tonga later in 2019–20.
The Mint helped Pacific neighbours wherever possible, and from February to May members of the Mint visited the Pacific’s Central and Reserve Banks to outline new ways to support these economies. This included providing marketing and promotional assistance to sell coin related products, which aligned with current tourism visitation initiatives and effigy programs.
The visits were a great example of the Mint’s contribution to the Australian Government’s Strengthening Australia’s Commitment to the Pacific initiative, a package of security, economic, diplomatic and people to people initiatives that builds on strong partnerships in the region.