Providing The Royal Mint with an award winning coin service
The Royal Mint – the government-owned mint that produces coins for the UK – wanted to remove copper-nickel 5p and 10p coins from circulation and replace them with nickel-plated steel coins. In doing so, the more expensive metals in the copper-nickel coins could be recovered.
In August 2013, Vaultex won a contract to support The Royal Mint and UK government to remove the copper-nickel coins from circulation.
A new serviceVaultex built and implemented new technology and processes to withdraw approximately 65% of the cupronickel 5p and 10p coins with a face value of £368 million.
An innovative approachOur aim was to extract and return the cleanest possible consignments of copper-nickel coins to The Royal Mint. We developed a proprietary magnetic device to make the process as accurate and efficient as possible.
Award winning partnership and service: Named The Royal Mint’s Supplier of the Year in 2014, in addition to receiving awards for ‘Overall Delivery and Quality Performance’ and ‘Working in Partnership’
Target Beating: a true partnership with The Royal Mint meant we exceeded agreed production output and targets by 22% - returning 10 thousand tonnes of coin
Multi-million Cost Savings: the project has saved the UK Treasury over £36 million
Brand New Process: Helped The Royal Mint create an innovative and proven coin reclamation model that can be used in the future
“The Royal Mint truly believes in the value of a premium supply chain and our Supplier Awards demonstrate our commitment to working closely with our suppliers. It is fantastic that the contribution made by Vaultex has been recognised with these awards and I am thrilled that Supplier of the Year has been awarded to one of our key partners.”