The Mint of Finland announced Aug. 28 that it is closing its operations.

The move will affect coins of Finland and those of several other countries, as the Mint of Finland has been an active export mint even since the announcement.

Once current contracts are completed, the facility will close, a date expected to be in the spring of 2025. The company will not submit any new offers or accept new orders, and all employees will lose their jobs at the close of operations.

“The Board of Directors of Mint of Finland Ltd. has made a decision on the voluntary termination of the company’s business,” the announcement said. “The decision is based on global payment changes and weakened business conditions.”

The Mint of Finland in 2023 secured contracts to produce 400 million 1-quetzal coins for Guatemala from 2023 to 2025, after it began striking coinage for that nation in 2018.

In addition, the Mint of Finland in July 2023 announced a contract to produce 370.5 million peso-denominated coins for Colombia in 2023 and 2024, continuing a relationship that began in 2017.

The Mint of Finland also struck coins for Mozambique from 2021 to 2023, among other clients.

This closure announcement follows the Jan. 8, 2024, announcement that the division focusing on creating coin blanks was being sold so that the mint could focus on coinage production.

Closure of the Mint of Finland shrinks the already dwindling group of mints that fulfill circulation coinage contracts, and follows the Royal Mint’s announcement that it would get out of the foreign coinage contract business at the end of 2024.

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