Lithuanian Mint: A Year in Review & Plans for the Future
The Lithuanian Mint marked 2021 as the year of change – new business areas, intensive development in the international market and increasing sales enabled the company to build a strong foundation, setting even more ambitious goals for the next year. Mr Linas Veikalas, Head of the Department of Marketing and Commerce at the Lithuanian Mint, gave an overview of the last year and shared future plans for the company.
Sales of numismatic products are rising
Although the Lithuanian Mint is mostly engaged in producing circulation coins, noticing a significant decline in the demand, the company was forced to look for new business opportunities to maintain its competitiveness. ‘We analysed our opportunities and noted several areas that could help us grow. First of all, it is the production and distribution of our collectible coins. What’s more, a closer cooperation with foreign numismatic companies that do not have their own production facilities and investment product sales could help us, too. We’re planning to keep developing this area in 2022 and further in the future,’ told Veikalas, sharing the company’s results.
Comparing with 2020, the company’s total sales growth was intensive and grew by more than 30% – in 2020, it amounted to approximately 5.4 million, while in 2021 to approx. 7.1 million. ‘Although our production of collectible coins is rather recent, our revenue for our own products has increased by more than five-fold last year. The total sales of collectible coins have already exceeded 60%,’ shared the Head of the Department of Marketing and Commerce at the Lithuanian Mint.
Foreign artists contribute to the design of the collectible coins
Last year, the Lithuanian Mint designed and released 21 authentic collectible coins – two of them were sold out in just one month. The ‘Blue Fairy Tale’ and the ‘Medea and the Golden Fleece’ received great success, while other sales amount to 60-80% of the total circulation. The ‘Fairy Tales’ series is the most popular.
90% of the coins are shaped by artists of the Lithuanian Mint, while the graphic designs are produced by artists from all over the world, for example, the USA, Georgia, Ukraine and Slovakia. ‘In 2022, we’re planning to release coins created by artists from the UK and France. We are open to cooperation and welcome artists with creative ideas to produce pieces with lasting artistic value,’ says the representative of the Lithuanian Mint.
Seeking to satisfy the needs of the clients and ensure flawless quality, the Lithuanian Mint is on a constant lookout for efficient production solutions, investing into new technologies. The Head of the Department of Marketing and Commerce reassured that ‘last year the company has invested lots of resources into the development and use of segmented gilding and UV painting technologies. A lot of attention has been focused on improving the high relief (3-5 mm) coin production.’
B2B sector and investment products open new opportunities
The Lithuanian Mint offers production services from A to Z, i.e. from developing a graphic design to its implementation – a neatly packaged final product. This contributes to a successful cooperation with foreign numismatic companies that do not have their own production facilities. ‘In 2021, we’ve completed more than 30 B2B projects of various scale, also we’ve started the cooperation with 4 new foreign numismatic companies,’ says Veikalas. He also added that ‘the company adapts to the client needs and can deliver an order whether it contains 500 or, for example, 10k pieces made from different metals.’
The Lithuanian Mint not only produces and sells circulation and collectible coins, but has also been successfully developing the range of its investment products. Linas Veikalas says that investment product sales are a new field of business. ‘In 2021, we conducted a market research, which confirmed the demand for these products. Clients look for safe (inflation resistant) investment opportunities for their savings, thus, despite the fierce competition in the local market, we see development potential in this area as well.’
The company’s advantages lie with impeccable reputation and reliability. Consumers can rest assured that an investment product from a state company is reliable and free of deception. ‘Soon we are planning to offer not only a wider assortment and appealing prices, but also additional services, such as gold storage and redemption,’ says the representative of the company.
Next year, the Lithuanian Mint is intending to become one of the leaders of investment products in the Lithuanian market. There are also plans for B2B development, while numismatists will be able to expand their collections with 28 new collectible coins!
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