Briefly, in the days after the death of the queen, we were afforded a glimpse into the machine that makes Australia's money. 9News
New Australian coins bearing King Charles III will be introduced from 2023.Usually it costs the Mint far less to make each coin than each one becomes worth the moment it is sold to a bank.
It's called "seigniorage", an ancient French word that refers to the profit only a seignior can make from the exclusive right to mint coins.That the government can keep making money from seigniorage appears to defy common sense. When asked whether he was seriously suggesting a hundred million or so coins per year disappear, MacDiarmid replied he was.This means the government makes tens of millions per year replacing – at a huge mark-up – things we have lost.The $5, $10, $20, $50 and $100 notes made by Note Printing Australia for the Reserve Bank have an astronomical mark-up.It costs 32 cents to make a $100 note
Before COVID, its view was that it only made about $1 billion per year from seigniorage, a figure it doesn't usually calculate and doesn't report to the government.
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