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The Royal Mint

In: Business and Management

Submitted By bonnjerome30
Words 931
Pages 4
I.

Introduction

The Royal Mint has a unique manufacturing operation in the United Kingdom and also designated as an executive agency responsible to the treasury to the “Her Majesty's” Government. Its objective is to provide the government with coinage at a competitive price and its manufacturing requirement ranges from high volumes of standard coinage to individual service medals or commemorative coins. In the case of the Royal Mint, they follow a unique cost ceiling that their cost base must always be less than the face value of the coins being produced. In order to follow that unique cost ceiling, the researchers follow the concept of simultaneous design by being involved in initiatives to improve materials being used in both coins and dies. Then due to high inflation rate, the face value of the coin is exceeding the cost base of the raw material and with the help of using the concept of simultaneous design, the Royal Mint quickly mitigated the risk by changing the composition of the 2 Pound and 1 Pound coins to a steal core with an electroplated copper outer layer and has significantly reduced the unit cost and it added expected lifetime by using a less expensive metal base.

II.

Background

The Royal Mint has a cost ceiling that the cost base of the material must be less than the face value of the coin being produced. In order to follow that unique cost ceiling, the Royal Mint implemented the Concept of Simultaneous Design to research on how to further improve the materials being used by both coin and die to extend its period of use and to mitigate the risk of high inflation rate of the raw materials.

III.

Key Problem

Based on our findings, we found out that the Royal Mint is a “Asset-Intensive Business” because the minting industry requires a lot of assets like money, raw materials, and equipment to operate. Also, the Royal Mint can be...

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