IACA Coin Awards Celebrate Innovation and Initiative
Presentation of the 2024 IACA Excellence in Currency Awards for Coins has taken place at The Coin Conference this week in Lisbon, Portugal. IACA Executive Director Marci Chavez announced the award winners at a special presentation ceremony held on Tuesday 29 November.
The winners and finalists of each of the three award categories – Best New Commemorative/ Limited Circulation Coin, Best New Coin Product, Process or Manufacturing Innovation, and Best Recirculation/ Distribution Initiative or Innovation – are as follows.
Best New Commemorative/ Limited Circulation Coin
The Central Bank of The Bahamas was the award winner in this category, for its 25 cent coin released to celebrate its 50th anniversary. Produced by the Royal Canadian Mint, the coin maintains the same specifications as the existing circulating version but features selectively coloured designs on both sides.
The coin has provided two ‘firsts’ – as not just the first painted coin issued by the central bank, but also a world first for a circulating coin in terms of the selective colouring on both sides.
Coloured elements on the obverse include the blue marlin, pink flamingo and conch shell, and green palm fronds. The year of issue has also been updated below the central coat of arms. Painting on the reverse includes the artist’s rendering of a native sloop, in red, white, and brown, in addition to a blue sea. Wording on the reverse has been updated to include ‘The Central Bank of The Bahamas’ and ‘50th anniversary 1974-2024’, alongside the standard denomination inscription.
Finalists included the Banco de México for its 20 peso bi-metallic coin commemorating the bicentennial of diplomatic relations between Mexico and the United States, the Central Bank of Eswatini for the 50 emalangeni coin produced to celebrate the Bank’s 50th anniversary, and the National Bank of Kazakhstan’s 1,000 tenge commemorating the 30th anniversary of the national currency.
Best New Coin Product, Process or Manufacturing Innovation
The winner in this category was the Royal Canadian Mint (RCM) for its environmentally friendly plating process for bronze-plated circulation coins that does not require the use of toxic chemicals such as cyanide chemistry.
The traditional plating process used harsh process chemistry, with related wastewater treatment requiring strong oxidising agents to chemically break down the harsh chemicals before being released in line with municipal environmental standards.
The new procedure is environmentally friendly in both the plating process and during the subsequent wastewater treatment – where it does not require the strong oxidisers. The RCM noted that the electroplating process is therefore safer, more efficient, and cost-effective in terms of wastewater treatment and chemical management.
It has patented this technology, with bronze plated products able to be used as candidate materials for both mono colour coins and bi-colour higher denominations.
Finalists included the United States Mint for its circulating blank annealing furnace retrofit that has reduced pollutant output of harmful gases and wastewater, and the Monnaie de Paris for its NFC-enabled silver €25 which was produced to commemorate the centenary of the death of Gustave Eiffel and features an NFC chip on the reverse.
Best Recirculation/ Distribution Initiative or Innovation
The prize for the final category was awarded jointly to the Bangko Sentral ng Pilipinas (BSP) for its Coin Recirculation Program and the Central Bank of Eswatini for its Coin Management Efficiencies Project.
The BSP’s Coin Recirculation Program was set up to address the problems of artificial coin shortages and promote financial inclusion and digitalisation.
Coin deposit machines (CoDMs) have been deployed in high foot traffic locations such as shopping malls and retail stores with the aim (and subsequent achievement) of integrating the machines into mainstream customer routines. Users are able to deposit accumulated coins at any of the 25 CoDMs in the Greater Manila Area.
A total of PHP 798.5 million worth of coins, or 215.3 million pieces, had been collected from the CoDMs as of end June this year.
The project is expected to contribute millions of pesos in cost savings, with less coins requiring minting to solve the issue of shortages, along with lower costs for storage and transportation.
Joint award winner, the CBE, established its Coin Management Efficiencies Project to enhance coin recirculation, reduce hoarding, and lower coin monetisation expenses.
It has involved the installation and deployment of coin vending machines, coin counting/sorting machines, and coin packaging systems.
Around SZL 25 million worth of coins equating to 28 million pieces have been collected since the installation of a coin vending machine with a retail partner in June 2022, with the CBE noting a perceived reduction in coin hoarding via the provision of a simple option for the public to deposit low value coins.
The initiative has led to significant cost savings for the central bank, reducing the need for minting new coins and promoting more efficient coin circulation. The estimated cost saving is SZL 14 million, based on the average minting price for new coins, with an average 16% decline in monetisation costs over the last two financial years. A reduction in the need for new coins also conserves natural resources, supporting environmental sustainability.
The third finalist in this category was the US Mint for its Bill of Lading Automation System, which automates the bill of lading documents used to ship coins to the Federal Reserve, and includes the use of mobile devices for tracking shipments.