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Royal Mint to strike first gold coins in India for nearly 100 years
By Rebecca Clancy
The Telegraph, London
Monday, February 18, 2013
http://www.telegraph.co.uk/finance/currency/9877224/Royal-Mint-strikes-f...
The Royal Mint's gold Sovereign commemorative coins will be struck in India for the first time in nearly a century.
The Royal Mint has licensed MMTC-PAMP to strike and market the commemorative Sovereign in India, for the first time since 1918 when the mint operated a branch mint in India for a single year during which 1.3 million Sovereigns were struck.
The Cardiff-based Mint said this new agreement was a "significant development" as it seeks to "re-establish the Royal Mint brand and the iconic Sovereign in this major market."
India is the largest market in the world for gold and gold coins play a key role in Indian wedding ceremonies and festivals throughout the year.
The Sovereign, which is 22 carat gold, containing precisely 91.67 percent (0.2354 Troy oz) of gold, will feature the same classic Benedetto Pistrucci "St George and the Dragon" design as the original Bombay Sovereign in 1918.
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Since 1918 unfavourable import tariffs on 22-carat gold coins have meant that it has not been economically viable to import the Sovereign into India.
The Sovereign will be uniquely available to the Indian market and will carry the special mint mark "I" to show that they have been manufactured there.
The first production run will be for 50,000 pieces and will be available in the market for the festival of Akshay Tritiya in April, with future volumes to be determined by the success of this initial trial.
British Prime Minister David Cameron said: "It is great to see gold Sovereign coins being introduced back into India for the first time in almost 100 years. This will no doubt be a boost for the Royal Mint as they re-enter the largest gold market in the world."
The deputy master of the Royal Mint, Adam Lawrence added: "The move to introduce genuine commemorative Sovereigns back into the Indian market will not only satisfy significant demand for the coin, but allow the Royal Mint to develop a new revenue stream."
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