2024-01-13 15:38:27
Published13. January 2024, 4:38 p.m.
Economy: A typing error leads to the destruction of millions of coins
At the end of 2023, the Paris Mint minted 27 million 10, 20 and 50 cent coins with a new design, without waiting for the green light from the European Commission.
The amount of the loss caused by the typing error remains to be determined, the metal used for the 27 million coins can be remelted to produce other coins (illustrative image).
AFP
Unreadable stars
According to “La Lettre”, the CEO of the Monnaie de Paris, Marc Schwartz, had 27 million 10, 20 and 50 cent coins with a new design minted at the end of 2023, without waiting for the green light from the European Commission. However, the institution rejected these new coins, on the grounds that the stars representing Europe were illegible, thus forcing the Mint to destroy the coins, continues the media.
According to “La Lettre”, Mr. Schwartz attributed responsibility for this blunder to “the French State”. At Bercy, it is emphasized that if the design of the coin is a “political decision” made by the government, the “technical detail” of their production falls to the Paris Mint. However, the ministry does not want to point the finger at anyone responsible before the end of the evaluation. This might conclude as early as February.
New parts produced in 2024
The amount of loss caused by the typing error remains to be determined, as the metal used for the 27 million coins might be remelted to produce other coins. “100% of these 27 million coins will be recycled for the production of new coins in 2024,” assured the Paris Mint. These millions of coins represent less than 2% of the annual production of the Paris Mint, which amounts to 1.4 billion coins in 2023, she also declared.
An organization entirely financed by its activity, Monnaie de Paris promises that “no additional costs will be passed on”. “The price paid by the State for the production of these parts remains exactly the same as what was initially planned,” she said. The ministry also points out that the design of euros minted in France has never changed since the common currency was put into circulation in the early 2000s. However, European regulations from 2012 and 2014 made the procedure prior to minting more precise. binding.
(afp)
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