Following on from our previous article about an exciting find in change we have some more information to add about how this coin has come about.
As per the RAM press release dated 11 November 2008 the Royal Australian Mint buys coin blanks from a South Korean company Poonsang. This company won the tender to produce the blanks for the Australian Mint.
From the Poongsan annual report 2008
Over the past forty-one years, Poongsan has earned a reputation as a trusted supplierof coin blanks to the global market. The company was designated as the Republic of Korea's sole coin blank manufacturer by the Korea Minting and Security PrintingCorporation in 1970. Poongsan first exported coin blanks to Taiwan in 1973, and sincethen has supplied its coin blanks to over 60 countries on 6 continents. As a recognizedparticipant in the production of Euro coins, Poongsan not only continues to supply coinblanks to the EU market but also has, in collaboration with major European Mints,expanded to include Slovenian Euro coin blanks in 2006 and Cyprus Euro coin blanks in2007. Additionally, in 2008, Poongsan continued its global market expansion with salesto Brunei, Chile and Venezuela. Today, 36 years after its first export, Poongsan is theworld's largest coin blank manufacturer, accounting for more than half of the world'scoin blank trade volume.Poongsan casts over 50 different types of coin blank materials - from brass, nickel sil-ver, cupronickel, and aluminum bronze to other special copper alloys. In recent years,Poongsan has concentrated on meeting the global demand for bi-metal, clad metal andnordic coin blanks. Poongsan has also expanded its coin blank production to includestainless steel coin blank
Points to note from the quote above:
- Poongsan produces blanks that are sold to Venezuela
- Poongsan produces bi-metal blanks
Therefore it is not impossible that a rogue bi-metal blank intended for Venezuela snuck into the drum of blanks destined for Australia. These bi-metal blanks supplied by Poongsan for the Venezuelan 1 Bolivar coin come with the edge lettering applied at manufacture in the Poongsan facility in South Korea.
Posted by harrisk at February 12, 2010 9:21 AM
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