Minting change
The future of cash in a more sustainable world
The United Kingdom’s Royal Mint has played a major role in the history of currency. Established over 1,100 years ago during the reign of Alfred the Great, it is the UK’s oldest company and describes itself as ‘the original maker’. Today, it mints currency for over 30 nations around the globe.
But as large portions of society move away from cash towards digital payment options, what does the 21st century look like for this historic organisation?
Contact spoke with UQ alum Inga Doak (Bachelor of Applied Science, ’98), The Royal Mint’s first ever Head of Sustainability, to ask her about the future of cash, the Mint’s world-first gold recycling breakthrough, and what it was like to work at The Royal Mint during the transition to a new monarch.
Inga Doak, Head of Sustainability at the Royal Mint.
Q: Tell us about your role at The Royal Mint.
A: I joined The Royal Mint in August 2021 as Head of Sustainability, which was a brand-new role at the time. I’m responsible for driving The Royal Mint’s sustainability program as part of its broader business strategy, and I’ve brought in 2 fantastic Sustainability Advisors to help with this.
I support different activities around environmental management, social responsibility and governance. These include major strategic initiatives like our decarbonisation roadmap, which I'm accountable for leading along with a range of internal stakeholders. I also have oversight of different programs led by other departments, such as our community engagement, staff health and wellbeing, diversity and inclusion activities, and the actions we’re taking to help protect and celebrate British craftsmanship.
Q: How did your studies at UQ inform your journey to this role?
A: I have wonderful memories of studying at UQ, and of the community of friends I established during my time at St. John's College. I enrolled to study environmental science and, when our cohort graduated, there were around 10 of us with this major. I wouldn't say we were pioneers exactly, but when I think about studies of environmental science and sustainability today, it really is quite remarkable that we were such a small cohort.
When I graduated at the end of 1998, I was able to use my degree to gain work in Brisbane as an environmental consultant at Golder Associates before moving into an in-house role at SunWater. In 2005, I relocated to the UK, and have since also lived in Ireland, Finland and Germany. Before joining The Royal Mint, I worked for 11 years with Siemens, initially in an environmental-management role before taking on a broader corporate sustainability remit. While I have since gone on to further study – at the University of Bath (MSc in Integrated Environmental Management) and University of Cambridge (PGrad Cert in Sustainable Business) – my undergraduate study at UQ provided the foundation for my career journey.
Inga Doak, Head of Sustainability at the Royal Mint.
Inga Doak, Head of Sustainability at the Royal Mint.
'Interior of the Mint', circa 1872. Workers at the Royal Mint, Tower Hill, London. Image: The Print Collector/Getty Images
'Interior of the Mint', circa 1872. Workers at the Royal Mint, Tower Hill, London. Image: The Print Collector/Getty Images
Coin press operators examine coins at the Royal Mint in London, circa 1945. Image: George Konig/Keystone Features/Getty Images
Coin press operators examine coins at the Royal Mint in London, circa 1945. Image: George Konig/Keystone Features/Getty Images
A worker handles coins inside the Royal Mint in Pontyclun, Wales. Image: Matthew Horwood/Getty Images
A worker handles coins inside the Royal Mint in Pontyclun, Wales. Image: Matthew Horwood/Getty Images
Q: How is the Royal Mint responding to the major shifts in the way we use cash, and what does the future of the organisation look like in the era of contactless payments?
A: The core purpose of The Royal Mint is to mint circulating coin for His Majesty's Treasury. However, it's no surprise that spending habits are changing and digital forms of currency are being used more. Cash still plays an important role in society, but it’s not necessarily the way that everybody chooses to spend.
In response to these changes, The Royal Mint has had to reflect on how it evolves and continues to be a successful and sustainable business. We've been around for 1,100 years – which is quite remarkable in itself – but if you don’t evolve, there are risks. We have diversified into new areas, including launching a new fine-jewellery collection, called 886 by The Royal Mint, we produce coins as collectible items, and have a range of investment products from bullion bars to DigiGold.
Q: What would you say to those who argue that it won’t be long before cash is a thing of the past?
A: The volume and variety of coins minted each year is wholly dependent on industry demand and we’ll continue to work closely with stakeholders, particularly in the UK, around the ongoing role of cash in society.
Cash plays a really important role for those who, for whatever reason – either through need or choice – can't use digital payments. Cash is an important spending and budgeting mechanism for many, and we want to be a part of the solution.
We recognise that spending habits are changing and so are we!
Q: How does environmental sustainability come into this changing picture?
A: As we diversify further, whether it be with collectible coins, investment bars, or jewellery as an asset, we want to put environmental sustainability at the centre of our decision making. This includes reducing our reliance on mined gold and silver and increasing our use of recycled and recovered metals.
We’ve partnered with Canadian clean-tech startup Excir to use their patented technology to recover gold and other precious metals from the printed circuit boards found in mobile phones, laptops and other IT hardware. The unique thing about this process is that it can be done at room temperature in seconds. The current processing route for printed circuit boards is typically high-temperature smelting or, at worst, uncontrolled processing in less-regulated environments.
We've demonstrated this new technology in the lab, and we're building a new facility at our headquarters near Cardiff in Wales, which will be a world-first facility to recover that gold at scale. It’s very exciting.
Q: What is the global currency industry doing to respond to sustainability challenges more broadly, and how have you been involved?
A: The International mint community has collaborated on lots of different issues over many years. Since I joined The Royal Mint, I have worked with our Director of Circulating Coin to form the first ever Sustainability Committee, which is open to all mints operating across the world. Our founding members have been The Royal Mint, the Australian Mint, the Canadian Mint and South African Mint. The US Mint has also recently joined.
This voluntary group has come together in recognition of the fact that sustainability, protecting our environment, promoting a positive place to work, and supporting our local communities need to be a core part of any organisation’s strategy. The obvious driver is responding to the climate-change crisis, but there is also a recognition that businesses need to respond to the broader challenges facing society.
Q: What’s it been like to work for the Royal Mint during the transition to a new monarch?
A: I feel fortunate and honoured to be working at The Royal Mint during this interesting and historic period. I’m excited to support my colleagues in product design and development and manufacturing for instance, who are at the coalface of the transition to new coins – whether they be circulating or collectible coins, minting of those coins and so forth.
It's been a positive experience with a very respectful blend of emotions; sadness at the late Queen’s passing, but excitement around the coronation of a new monarch. Irrespective of what you believe about the role of the monarchy – and I know that’s topical for Australia – we wanted to recognise the role of Her Majesty and His Majesty, and the legacy, history and future of The Royal Mint. It’s also about recognising who they are as people, and King Charles is well known for his interest in, and passion for, environmental causes.
Q: What’s it like to work for such a historic organisation, while carrying such a 21st century job title?
A: It can be difficult to get your head around the fact that you’re working for an organisation that was once led by Sir Isaac Newton. We absolutely celebrate, respect and cherish that legacy and what that stands for. But at the same time, we're looking forward to ensuring we stay around for another 1,100 years.
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