by Richard Giedroyc
July 16, 2013 – Commemorative coins are nothing new. There have been so many subjects commemorated that it appears there may not be anything new under the sun. Then along comes the British Royal Mint with a brilliant new concept — a coin marking the birth of a child whom will likely become king or queen of Great Britain someday.
The subject is new, but this is only part of the brilliance. It is the way the coin is being made available and its potential secondary market value that should catch our attention. The coin will be limited to a maximum of 2,013 pieces, based of course on the year of issue. The coin is only available to women whose child is born in Great Britain, and who can prove their child was born on the same day as was the future monarch. Furthermore, the coin is available using the most modern means available — it is to be requested exclusively through the BRM’s Facebook page.
The special baby penny – not available for every child. Photo: BRM.
Will this begin a tradition of coins to be issued for babies destined for an important future due to heredity? Why not! What about the idea this is not a coin available through the mail, over the counter, or by attending a ceremony such as is conducted annually on Maundy Thursday to present the limited edition Maundy coin sets. Think of the marketing opportunities this could present!
The subject of the issue is important, but the availability requirements, way the coin is marketed, and if it can begin a tradition that can result in repeat rather than “flash in the pan” sales is another.
It is very nice to celebrate the anniversary of a building or a military victory on a coin, but how can this result in additional future sales when compared to offering a repeat sales item such as an annual Christmas coin or by finding some significantly more modern way for consumers to purchase what you are offering?
Its time to wake up and start thinking outside the box! The number of coins being issued, the qualifications to have the privilege of purchasing one of the coins, the coins secondary market potential, and the way the coin can be obtained are all areas that need to be revisited by mints.
The British Royal Mint has taken an important step forward. Will other mints take the initiative?
Here you can have a look at the relevant Facebook site.
If you want to know what will happen if more than 2,013 babies will be born on the same day as the child of William and Kate, you should watch this CNN interview with Shane Bissett.
Their will be a whole product range dedicated to ‘The Royal Baby.’