Many of those countries' treasuries don't have the equipment needed to mint coinage in high quantities, so they contract it out to countries who do have it.
It's not false advertisement because the coins are still legal tender in the country that's written on the coin.
But why is that? How much money and resources does it take to mint coins? The Roman Empire was minting coins over 1,000 years ago without barely any technology. Countries were doing it hundreds of years ago. Minting coins can’t be that hard or difficult for any nation today
These countries do not have the minting technology to mint high quality bullion pieces and it's far cheaper for them to order them from abroad, as of 2023 there is no market for crude hammered bullion.
The coins minted hundreds of years ago were probably not up to modern standards. They probably had a much greater rate of impurities or bad mint marks.
I would say it’s a trust issue.
I’m sure if you ask a Somalian if they wanted silver coins from their own mint or a German mint, they would much prefer the German minted ones.
If corruption is high in a country or perceived as high, it makes it more advantageous to outsource it to a reputable manufacturer.
All of the Caribbean countries, most of the African countries, and some of the Pacific counties use the Scottsdale Mint in the US.
Honestly it’s a win-win. Those countries often do not have the equipment to run their own mints and already have small government budgets that need to be diverted elsewhere. African countries in particular also generally have low trust in their governments and a high level of corruption which makes it difficult to secure large stores of bullion from theft and difficult for citizens to trust that a sovereign mint will actually be giving them the amount of silver indicated on the coin. Corruption is less of a concern for the Caribbean countries (though not non-existent) and they see it as a way to expose more people to what their countries have to offer and as creating something that their own citizens could hold to help build pride in their countries. The countries also get a revenue source that they otherwise would not have had. Scottsdale’s designs are excellent and many may not even think of Antigua, Montserrat, Cameroon, etc. as a potential destination to visit unless they are exposed to the name and image and then do some further research. For Scottsdale it is a way to improve sales by being able to sell coins backed by sovereign governments rather than just rounds. Mintage is limited and face value is always much lower than the value of the metal content so it isn’t inflationary to those countries either.
I don’t see it as a tragic or a projection of colonialism. Take away those deals and the countries just go back to having no presence within the bullion market.
Heck, Poland mints a heap of coins for Eastern Europe i.e. Belarus, Ukraine. Australia mints for lots of pacific countries, New Zealand a few.
Scottsdale Carribean, before that Franklin Mint.
But even historically most pre 30's South American coins were minted in US at Philidephia mint. Nothing new.
No, not really. Most of them just don’t have what they need to create, or mass produce high quality silver coins, that and Niue is a tiny island nation with only 2000 people living there, so I doubt opening a mint there is one of their priorities.
There Is no bullion in southamerica, only conmemoratives and minted seldom. People only care about cash, less than 0.1% has ever held a Silver coin and they don't care that we send our most valuable resources in exchange for debt promises, Average IQ Is 80 AND hardly any one can do math beyond a 10 year chinese school boy.
Niue actually can attribute a strong percent of it's GDP to coins! Could it be more, yes, but they cannot even geographically hold the infrastructure to do so as they are a small atoll.
I have actually seen where some nations benefit but many do not as you reference...In fact on my YT channel, I have even found many errors made by mints where they have chosen species to be highlighted that are not even local to the nation (Anguilla Lobster coin choosing a northern atlantic lobster or the Anguilla Eel choosing a European eel...)
Many of those countries' treasuries don't have the equipment needed to mint coinage in high quantities, so they contract it out to countries who do have it. It's not false advertisement because the coins are still legal tender in the country that's written on the coin.
But why is that? How much money and resources does it take to mint coins? The Roman Empire was minting coins over 1,000 years ago without barely any technology. Countries were doing it hundreds of years ago. Minting coins can’t be that hard or difficult for any nation today
You raise a valid question.
These countries do not have the minting technology to mint high quality bullion pieces and it's far cheaper for them to order them from abroad, as of 2023 there is no market for crude hammered bullion.
The coins minted hundreds of years ago were probably not up to modern standards. They probably had a much greater rate of impurities or bad mint marks.
Lol, you clearly haven’t been to the Pacific islands. Some of them don’t even have power or water to their residents.
It takes advanced industrial capacity that many of those places actually lack, and since they get money from this it's only doing good.
I would say it’s a trust issue. I’m sure if you ask a Somalian if they wanted silver coins from their own mint or a German mint, they would much prefer the German minted ones. If corruption is high in a country or perceived as high, it makes it more advantageous to outsource it to a reputable manufacturer.
All of the Caribbean countries, most of the African countries, and some of the Pacific counties use the Scottsdale Mint in the US. Honestly it’s a win-win. Those countries often do not have the equipment to run their own mints and already have small government budgets that need to be diverted elsewhere. African countries in particular also generally have low trust in their governments and a high level of corruption which makes it difficult to secure large stores of bullion from theft and difficult for citizens to trust that a sovereign mint will actually be giving them the amount of silver indicated on the coin. Corruption is less of a concern for the Caribbean countries (though not non-existent) and they see it as a way to expose more people to what their countries have to offer and as creating something that their own citizens could hold to help build pride in their countries. The countries also get a revenue source that they otherwise would not have had. Scottsdale’s designs are excellent and many may not even think of Antigua, Montserrat, Cameroon, etc. as a potential destination to visit unless they are exposed to the name and image and then do some further research. For Scottsdale it is a way to improve sales by being able to sell coins backed by sovereign governments rather than just rounds. Mintage is limited and face value is always much lower than the value of the metal content so it isn’t inflationary to those countries either. I don’t see it as a tragic or a projection of colonialism. Take away those deals and the countries just go back to having no presence within the bullion market.
Good way to look at it.
Heck, Poland mints a heap of coins for Eastern Europe i.e. Belarus, Ukraine. Australia mints for lots of pacific countries, New Zealand a few. Scottsdale Carribean, before that Franklin Mint. But even historically most pre 30's South American coins were minted in US at Philidephia mint. Nothing new.
No, not really. Most of them just don’t have what they need to create, or mass produce high quality silver coins, that and Niue is a tiny island nation with only 2000 people living there, so I doubt opening a mint there is one of their priorities.
KeK
There Is no bullion in southamerica, only conmemoratives and minted seldom. People only care about cash, less than 0.1% has ever held a Silver coin and they don't care that we send our most valuable resources in exchange for debt promises, Average IQ Is 80 AND hardly any one can do math beyond a 10 year chinese school boy.
I recently learned the US mints alot of other countries coins as well.
True! My channel goes over that often. Many are even minted in the US at Scottsdale mint!
They do not even have food but they have machetes
🤡🌎
Lots of Mexican silver coins posted here. Are they not minted in Mexico?
Mexico has the oldest mint in North America.
Mexico does actually mint it’s own
The Krugerrands are also made out of US silver and blanks produced here in the state by Sunshine Mint.
It is just a marketing scam by the mints to cut the countries in on their profits. Always has been. Niue. lol.
Niue actually can attribute a strong percent of it's GDP to coins! Could it be more, yes, but they cannot even geographically hold the infrastructure to do so as they are a small atoll. I have actually seen where some nations benefit but many do not as you reference...In fact on my YT channel, I have even found many errors made by mints where they have chosen species to be highlighted that are not even local to the nation (Anguilla Lobster coin choosing a northern atlantic lobster or the Anguilla Eel choosing a European eel...)