Probleme la Moneăria Națională a Franței - 12.01.2024

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On November 30, I informed you that France was planning to change the design of its 10, 20 and 50 cent coins for 2024, in which the image of the Sower would be replaced by three female characters: Simone Veil , Joséphine Baker and Marie Curie .

The Monnaie de Paris, equivalent to what here in Spain is the National Mint and Stamp Factory, did not take into account an important detail when starting the minting of the new coins, and that is that before this the designs must be approved by the European Commission, something that has not happened.

Perhaps the fact that they are one of the most important mint in Europe, which by the way from the European institution itself is allowed many issues that are not very ethical, such as taking advantage of the great demand for commemorative 2 euro coins. to make issues that do not go into circulation, and that they use only to do business by putting them up for sale at prices that multiply several times their face value. It has caused them to screw up and now have to destroy 27 million minted coins that have not passed, on this occasion, the European filter.

According to the French newspaper " La Lettre ", Marc Schwartz, president and general director of the institution responsible for the manufacture and issuance of currency in France, had given "the order to mint these new coins" in November, although their new design is still had not been validated. by the European body competent in this field.

Determined to produce the coins as quickly as possible, with the aim of presenting them to the French Minister of Economy and Finance on December 7, the CEO even pressured his employees to increase their workload. According to La Lettre, "the workers at the Monnaie de Paris worked in three eight-hour shifts, four days in a row at the end of November" in order to meet the deadlines imposed by their boss.

In his desire to act quickly, Marc Schwartz however forgot an important detail: in order for these new cents to be put into circulation, the design of the coins had to be validated by Europe. On December 1, the French Mint was informed that the new designs were being rejected, due to a detail that could cause problems: "hardly legible stars."

Coin minted until 2023 in which the stars are perfectly visible

After this splash of cold water, the Monnaie de Paris had to review the design and present a second version, this time validated. The institution then urgently minted another 27 million new coins, which implied new work overloads for workers. Meanwhile, the coins of the first minting are no longer useful and have had to be destroyed.

Coins with the new design that has not been approved and will be destroyed, as the stars are not clearly visible.

While the general director of Monnaie de Paris blames the “French State”, the Ministry of Economy and Finance tried to minimize the consequences of this big mistake. According to La Lettre, the destroyed cents would only represent 4% of the public institution's annual production. It is estimated that this poor performance could generate a cost of between 700,000 and 1.2 million euros.

 

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