Product Owner: The Singapore Mint
Country or Countries Where the Coin Product, Feature or Distribution Innovation Has Been Implemented
Describe the project nominated
The Singapore Mint spearheaded the promotion of coin recirculation in Singapore via the introduction of coin deposit machines to the public and banks, on a 24/7 self-service basis.
Recycling of coins is the process where coins re returned to the banks, sorted and repacked before being issued to the banks again for re-circulation.
The process includes:
1) Collection of circulation coins from public via self-service deposit machine.
2) Return of coins to The Singapore Mint for processing
3) Upon receipt of the coins, inspection of the coins takes precedence
4) Damaged and dirty coins are filtered out
5) Filtered acceptable coins are automatically packed into rolls and into carton boxes to be drawn back to the banks for redistribution into the market.
The above process is a daily process to manage the market needs and ensure sufficient supply of circulation coins being reintroduced to the market.
A crucial element for the success of the strong management of the coin deposit machines available. The machines are readily available in banks, shopping malls, community centers to ensure availability for the public to deposit their coins 24 hours a day, for all 365 days in the year. Strong support system are also in place to cater for assistance during the night or weekends. The availability of the service further encourages the public to re-deposit coins for coin-recycling.
Overall, the integrated coin processing management system in place ensures for efficient processing to reintroduce circulation coins in the market.
Increased Efficiency
The introduction of coin deposit machines enable for efficient collection of circulation coins deposited at the banks.
In comparison to traditional coin deposit where manual counting and handling between tellers and central banks are required, and depositors will go through teller counters to deposit coins, this traditional method faces challenges of a time consuming process, disputes and errors, re-counting and packing of coins, inflexible and higher manpower requirement, and long customer wait time resulting in dissatisfaction.
The current integrated process eliminates the need to deposit coins via teller counters, but instead, depositors effectively deposit their coins via self-service coin deposit machine, which is then directly processed by The Singapore Mint and returned to the central banks.
Safety or Environmental Protection
An efficient coin recirculation management system ensures a more sustainable and environmental friendly approach to circulation coin management.
With the integrated coin management and processing services, there are lesser new coins which need to be minted to facilitate the market demand. This saves and re-introduces more than 65% of the circulation coins which needs to be minted to cater for market demand.
Unnecessary resources no longer need to be depleted for production of new circulation coins to be introduced to the market, translating to reduced need for metal mining, coin manufacturing, in term resulting in lesser energy, electricity, raw metal and packaging material to be consumed.
Notably Improved Quality of a Product or Process
There are notable improved processes and benefits to both the banks, public, charity organizations and issuing monetary authority.
The banks are able to meet the objectives for efficient coin-recycling that is more time efficient, improved customer satisfaction (from the efficient wait time for coin deposits).
For charitable organizations whom raise funds and receive large amounts of coins, the coin processing system in place also enables for these organization to directly and effectively convert their donation to funds credited to their accounts.
For the public, this is a more efficient and convenient means to deposit their coins.
For the monetary authority, cost savings from the need to produce additional circulation coins for the market is enjoyed.
Product or feature uniqueness
While coin deposit machine is increasingly available in different countries, the unique value add for The Singapore Mint’s improved processes include 24/7 comprehensive support system and infrastructure in place to enable greater convenience for the public to deposit their coins.
The automated systems in place also provides banks a more hands-free management of coin processing back end with The Singapore Mint’s integrated management services.
