Mint to export coins for collectors in cashless future

THE Royal Mint is planning for life after cash by hiring executives with experience in luxury products to sell collectable coins abroad.

Britain’s oldest firm, the official manufacturer of UK coins, has appointed luxury retail executives Matthew Woolsey and Lisa Montague as Britain increasingly becomes cashless.

The wholly state-owned company has supplied the country’s coins since King Alfred the Great in the ninth century, but has expanded into sales of precious metals, historic coins, jewellery and luxury collectibles in recent times.

It posted record pre-tax profits of £18m last year after it was boosted by investors seeking shelter from riskier assets by buying up gold and increased sales of commemorative coins.

The company, which is based in south Wales, sells gold coins and stamped bars, as well as “slivers” of the metal that can be purchased by smaller investors and stored in its vault.

Anne Jessopp, chief executive, said: “We have ambitious international growth plans as the home of precious metals, building on the success we’ve secured in the last year and we feel their expertise will help us further accelerate our overseas growth.

“Our vision is to be a leader in sustainable precious metals, and we have a number of initiatives already in motion as we strive towards this ambition, but having the expertise of both Matthew and Lisa supporting us will be invaluable and I look forward to working closely with them moving forwards.”

Mr Woolsey is managing director of Hydrow, a rowing machine maker having previously served as managing director at fashion giant Net-a-porter.

Ms Montague is chief executive of Sanderson Design Group, having worked for both Mulberry and Loewe.

In recent weeks, the Royal Mint’s focus has turned to creating coins bearing King Charles III’S image. It comes as the UK shifts to becoming a cashless society, forcing the Royal Mint to find growth opportunities elsewhere.

Earlier this year the then chancellor Rishi Sunak instructed the Royal Mint to create a non-fungible token (NFT).