National Bank of Denmark moves their minting of coins to Finland. Banknote Printing is also closing. From the New Year the National Bank will end the printing of banknotes and minting of coins in Denmark.
One of the major Danish unions in Denmark HK says that all the union employees at the Royal Mint and the Royal. Mint has resigned and will leave by year's end.
It will be the state run Finnish company Mint of Finland, who will take over the minting of all the Danish coins in the series 50-oere, 1-krone, two-krone, five-krone, 10-krone and 20-krone on a four year contract.
The National Bank has over the past year been printing banknotes to stock. When they are in four years introducing a whole new series of banknotes, the printing will also be tendered abroad.
Thus it is finally over with a 1,000 year old tradition. This sort of handcraft has been existing as man has been minting coins in Denmark since the Danish viking Sweyn was king from 987 to 1014 "Sweyn I "Forkbeard" (Danish: Svend Tveskæg) [pronounced Sven], king of Denmark 986-1014 and son of Harald Bluetooth".
The Notes as such have been legal tender currency since the 1700s. In recent years, the demand for currency has dropped, as the payment by card and mobile are gaining ground allover. At the same time the new notes are more durable and therefore it is no longer worthwhile for the National Bank to be in charge of the production. It expects to achieve a total savings of 100 million. Danish kroner (approx. 15 Million USD by year 2020 by moving the actual buying of the printing and minting of currency abroad.
critical voices
President of HK IT, media and industry, Ulla Jeppesen, believes that the National Bank's decision is very problematic.
"I doubt that one can maintain security around something as vital as the production of our currency when the future must take place abroad. The National bank of Denmark will not present the calculations underlying the decision, but I doubt for instance that it has been taken into account the expenses needed for the expertise to ensure quality production and security costs for the cash transports. The question is whether there will be any savings at all in this, "she says.
The party treasurer of the Danish political Party "Dansk Folkeparti - the nationalist party in Denmark" René Christensen regret the decision.
"We think it's a loss. This is not just about economy but also about culture and national feeling. The pride of the royal coin printed in Denmark is lost, and by doing so it is as well feared that the security has weakened. Danish banknotes are reputed to be very difficult to forge. The question is whether we can do something about it. As I understand it, the decision has been taken by the Board members of the National Bank. We have an arm's length principle as part of the Danish political system, and we as politicians are therefore not really able to interfere, "says René Christensen.
Unique handcraft lost
"The printing of bank notes and the minting of coins are unique crafts that you cannot as such train for", says Ulla Jeppesen.
"It is only possible by job training in the way of looking over the shoulder of the man next to you knowing the craft and learning by doing, and I am very concerned about this kind of information lost when production stops. If this decision is regretted in a few years, the necessary expertise needed to reinstall have either retired or scattered, "says HK-chairman.
She further mentions that several companies in recent years have made use of moving production to foreign grounds due to supply and quality issues.
"With this information as background knowledge, one might wonder the decision of the Danmarks National bank blindly running the risk of such important issue when it comes to everyone's money," she says.
It has not been possible to get a comment from the National bank to the matter before the deadline of today's news. The National Bank said, however, in a statement that Mint of Finland has published that - the company owned by the Finnish State has given the most economically advantageous tender.
This article have been translated based on article run in the Danish Newspaper called BT and following link is for the article in Danish. http://www.bt.dk/danmark/slut-med-1.000-aar-gammel-dansk-tradition-et-tab-for-vores-kultur-og-nationalfoele