Barbados has been raking in foreign exchange from its royalty and partnership programme with various international organizations that manufacture coins.
According to Deputy Director, Currency, Central Bank of Barbados (CBB) Octavia Gibson while the mints take the risk of manufacturing coins, with CBB approving designs and giving permission for the Coat of Arms to be printed on the back of the coins, Barbados earns royalties.
She disclosed that while Barbados has paid close attention to developing the programme since 2015 through entering several agreements, in the first year, CBB made over BDS$70, 000.
Speaking to Barbados TODAY following the Coins of Exchange Numismatics Evening of Tea, held at the Frank Collymore Hall Foyer and Exchange Interactive Centre Sunday evening, Gibson declared that there was money to be made in this area which the Bank has now placed as a priority.
“There is room for money in numismatics. We still have for sale here in Barbados, coins that were manufactured for us on our behalf, where we would have put in the money to manufacture them. We have the 50th anniversary of Barbados coins [and] we still have a few of those that were done for the World Cup. So, therefore, whilst we have not discarded that all together, we are hoping that when we make money, management would see it fit then, to give us back a little to manufacture coins with local themes, and also [celebrate] local anniversaries,” Gibson explained.
“Some persons just buy numismatic coins as an investment which they can sell later on to another collector who likes it better. Or, they might buy coins to give as gifts and get persons involved in that, and that is also a good way to promote Barbados. So we are promoting Barbados, as well as making money,” she added.
The evenings programme was organized for the Bank to say thank you to local collectors who buy coins from the Central Bank or from international manufacturers the Bank has partnered with.
“When persons go online and order, they are increasing the amount of coins that would have been sold, which increases our royalties. So if persons purchase locally or abroad, then Barbados makes money,” Gibson said.
The Deputy Director also revealed that the Central Bank is seeking to oversee the establishment of a local numismatic association.
Meanwhile, Jeff Hanke, the International Sales Director of the Royal Canadian Mint, one of the coin manufacturers Barbados has partnered with, revealed that within a matter of days, on December 4, his company would be releasing the first numismatic coin to be released in Canada that will not have the face of Queen Elizabeth on the back.
He said the company chose to partner with Barbados for this particular coin because of its longstanding relationship with the Central Bank.
“We are really looking forward to it. There are 10, 000 coins being issued, made out of fine silver, with the glow in the dark batman signal,” Hanke said. (AH)