Isle of Man Treasury appoint a new Mint
2 CommentsFriday, 23 September 2016 | Gareth
On 31 March 2017 the Isle of Man will be ending its long relationship with Pobjoy Mint, which has been producing Manx coins for more than 40 years.
Pobjoy Mint will no longer represent the Isle of Man as the official manufacturer of their legal tender and commemorative coins. The Pobjoy Mint revealed that the Isle of Man Treasury has lowered the variety of themes that can be produced in a given year, and that this indicates some annual releases will not be produced.
The first to suffer in 2015, as you may already know, was the Isle of Man Christmas 50p series. Running continuously since the early 1980’s, the series has shown popularity with collectors all over the world, the later years saw the introduction of colour printing to make the designs even more festive and desirable.
The Pobjoy Mint will continue to strike coins for its other issuing authorities that consist of Ascension Island, British Antarctic Territory, British Indian Ocean Territory, British Virgin Islands, Falkland Islands and South Georgia and South Sandwich Islands.
London-based Tower Mint has been selected through a tender procedure to produce circulating and commemorative coins for the Isle of Man Treasury. The ten-year contract will commence on 1 April 2017.
Treasury member David Anderson MLC explained:
“In line with best practice for public sector procurement we have a clear policy and process for regularly reviewing contracts across the Isle of Man Government and subjecting them to competitive tender.
In the case of the coins contract, the tender process was commenced in February 2016 by Treasury’s Investments and Banking Section working in conjunction with Government’s Procurement Services, and a number of companies took part.
Treasury was impressed with the quality of the samples of circulating and commemorative coins provided in the tender process. Tower Mint was particularly impressive in its marketing capability and production of a rolling five year plan for the sale and distribution of quality commemorative coin issues on a global basis. There are also exciting plans for new designs of circulating coins in 2017.”
Mr Anderson added: “Pobjoy have done good work for the Isle of Man over the past four decades so we will be sorry to part company with them at the end of March next year.”