Pacific nations discuss future of coinage with the Royal Australian Mint

20 September 2017

The future of coinage will be a hot topic in Canberra this week with key representatives from Central Banks and financial departments of nine Pacific Island nations attending a coinage seminar organised by the Royal Australian Mint (the Mint).

The seminar will cover coinage opportunities, forecasting and supply chain management as well as identifying global trends including electronic payments and the implications for the Pacific.

Minister for Small Business Michael McCormack said it was pleasing to see so many Pacific Islands nations express interest in wanting to understand their coinage system better.

“The Royal Australian Mint has been doing an exceptional job in working with the Pacific Islands nations over the past seven years to help them to identify and make improvements in their coinage systems,” said Mr McCormack.

“Legacy coinage systems and coin shortages have both been serious problems in this region so following this seminar, we hope that representatives will be able to return home equipped with skills to examine their coinage systems and advise their countries accordingly.”

“The Mint is the best-placed, in not only proximity but also experience, with case studies being presented from all six Pacific Islands countries which have undergone coinage reform with the Mint’s assistance.”                                                                                    

To date, Samoa, Solomon Islands, Tonga, Vanuatu, Cook Islands and Timor-Leste have all made changes to their coinage systems.

The Pacific Island Coinage Seminar, Your Coinage System: Issues and Opportunities into 2020 runs from 20 – 22 September 2017. The first seminar of this kind was held in Canberra five years ago in September 2012.