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•30 The 100 Greatest Business Ideas of All Time

The latest presses can each strike more than 600 coins per minute to a standard
of accuracy imposed by law. To ensure that the composition of the alloy is correct,
samples of the molten metal are routinely checked by X-ray fluorescence
spectrometry. Each year samples of coins struck both for the UK and overseas are
presented to the annual Trial of the Pyx where they go through rigorous quality
examination by the Worshipful Company of Goldsmiths.

The number of coins in circulation in the UK exceeds 18 billion coins with a
face value of £2 billion.

In 1975 the Mint was established as a Government Trading Fund, operation-
ally very similar to a government-owned company. For many years half its sales
have gone abroad. This role as an exporter was emphasised when it became an
Executive Agency, providing it with greater freedom to develop its business further.
The Royal Mint has maintained its position as the world’s leading exporting mint.
During 1995–96 the Royal Mint produced coins and blanks for 82 countries, from
Albania to Zimbabwe.

The Royal Mint can satisfy any requirement of a country for a complete range
of coinage. To ensure the uniqueness of any coin in any country, the Royal Mint
houses, on behalf of all the world’s mints, the Coin Registration Office. This ena-
bles advice to be given to countries considering new coins so that they can avoid
specifications identical to existing coins in other countries. The Royal Mint also
maintains close contact with the vending industry worldwide and continuously in-
creases the range of security features that it can offer to discourage counterfeiting.

Of all the distinguished people to have served the Royal Mint perhaps the most
unexpected and highest ranked is Isaac Newton. The scientist had a 30-year asso-
ciation with the Mint as Warden and then Master. He took a lot of interest in the
Mint despite being informed on his appointment that it should not take up too
much of his time. In fact the Government wanted the Mint to provide Newton with
an income that still left him relatively free to pursue what they regarded as more
important matters.