Monnaie de Paris CEO Marc Schwartz recently announced plans to create new coins with an innovative design by the end of 2023. However, these plans were temporarily put on hold as the European Commission rejected the coins due to a readability problem. The stars representing Europe on the coins were illegible, which is contrary to Commission standards.
As a result, the Paris Mint, located in Pessac in Gironde, had to make the regrettable decision to destroy the 27 million coins already minted. Marc Schwartz, in an interview with La Lettre, attributed this error to the French state. He believes that the State was responsible for the design of the coins, while the Mint of Paris was responsible for their technical production.
The Finance Ministry responded to these accusations by emphasizing that the decision to design the coins was a matter of government policy, while technical production was the responsibility of the Paris Mint. The ministry also said it did not want to assign responsibility for the error until after the assessment was completed, which could be concluded as early as February.
Despite this incident, the Paris Mint continues its activities and announced that it would collaborate with the Prince of Monaco to strike a commemorative coin in honor of Monaco’s 500th anniversary. This piece will also be produced in Pessac, in Gironde.
As for the financial loss caused by this error, its amount has yet to be determined. However, the Paris Mint has assured that it will 100% recycle the metal used for the 27 million destroyed coins in order to produce new coins in 2024.
Despite this setback, the Paris Mint remains committed to providing high quality coins and meeting the expectations of collectors. Mistakes happen, but Monnaie de Paris will do everything possible to improve its procedures and avoid similar situations in the future.
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2024-01-14 05:00:11
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