the royal mint was in london before it moved to wales.
the royal mint was in london before it moved to wales.
where was the royal mint before it moved to wales?
london
as britain's influence as a world power expanded, with colonies being established abroad, a greater need for currency led to the royal mint opening satellite branches of itself overseas. in australia, the local legislative council petitioned the uk government to establish a branch of the royal mint in sydney (sydney mint) after prospector edward hargraves discovered gold in ophir, new south wales in 1851. the petitioned gain royal assent in 1853 and plans were made by the deputy master of the royal mint in london to open the royal mint's first overseas branch within the colony. the royal mint's superintendent of coining travelled to australia to oversee its establishment on macquarie street within the southern wing of sydney hospital where it opened in 1854. its success led to the opening of melbourne mint on 2 june 1872 which cost £368,350 and perth mint which opened on 20 june 1899. in 1926 after operating for 72 years, the sydney mint closed due to its inferior technology and capabilities being superseded by those in melbourne and perth. after australia was federalised in 1901, great britain continued to own the mints to as late as 1 july 1970, when they became statutory authorities of the government of western australia.
royal mint
during the 2008 global financial crisis, a rescue package costing £500 billion was announced to help stabilise britain's banking system. this led to fear that the government would attempt to finance the cost by selling off state-owned organisations. in a 2009 pre-budget report the chancellor of the exchequer, alistair darling stated that the treasury would "explore the potential benefits of alternative future models for the royal mint". a month later in his 2009 united kingdom budget he recommended that the mint be made a company with a view of it being sold. the decision was met with outrage by unions and opposition parties in parliament who called it the "selling off the family silver" and that it would result in jobs losses. in contrast, the chief executive of the mint andrew stafford welcomed the decision stating that it would lead to further growth and secure the future of the business. on 31 december 2009, rather than being fully privatised, the mint ceased to be an executive agency and its assets vested in a limited company, "royal mint ltd". the owner of the new company became the royal mint trading fund, which itself continued to be owned by hm treasury. as its sole shareholder the mint pays an annual dividend of £4 million to treasury with the remaining profits being reinvested into the mint. in 2015 chancellor of the exchequer george osborne announced a £20 billion privatisation drive to raise funds with the "royal mint" being up for sale alongside other institutions including the met office and companies house.
royal mint