§ Mr. Wheelerasked the Chancellor of the Exchequer (1) how many civil servants were employed by the Royal Mint during the last five years in the marketing of proof sets and other numismatic material to collectors and coin dealers, both in the United Kingdom and overseas; and at what annual cost;
(2) what was the profit arising from the sale to collectors and coin dealers of proof sets and other numismatic material during each of the last five years;
(3) what was the annual cost for each of the last five years, of expenses incurred by the Royal Mint on publicity, postages and other public relations material in seeking to advertise proof coins and other numismatic material both in the United Kingdom and overseas.
§ Mr. Peter Rees[pursuant to his reply, 22 October 1979, c. 70–1]: The Royal Mint is required, in accordance with the Government Trading Funds Act 1973, to operate and present accounts on a commercial basis. These accounts reveal that over the past four years the Royal Mint produced an average return on capital of 25 per cent. and 68 per cent. of sales were for export. A commercial organisation would not be expected to reveal details apart from the information shown in published commercial accounts. The information required to answer this question could be of value to the Royal Mint's competitors both in the United Kingdom and overseas.
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§ Mr. Wheelerasked the Chancellor of the Exchequer what arrangements exist on the part of the Royal Mint to share the marketing arrangements for proof sets and other numismatic material with established and successful numismatic dealers in the United Kingdom and overseas; and whether any arrangement exists for the Mint to put out to tender marketing arrangements, in whole or in part, for numismatic material.
§ Mr. Peter Rees[pursuant to his reply, 22 October 1979, c. 71]: As is generally known, the Royal Mint markets most of its collectors' coins by mail order through the numismatic bureaux in the United Kingdom and the United States. Some coins and sets of coins are sold to established dealers in the United Kingdom and overseas. It is for the Royal Mint to adopt normal commercial practices in appointing dealers and securing numismatic materials.
§ Mr. Wheelerasked the Chancellor of the Exchequer if it is the policy of the Royal Mint, when striking proof sets of coins or other numismatic material, to have regard to the numbers of such sets issued and the potential re-sale value by the customer of the Mint on a future occasion; and if he will ensure that the Royal Mint, when engaging in business ventures of this kind, will undertake to buy back at the original issue price or better, the coin sets or numismatic material made available to the public in the United Kingdom.
§ Mr. Peter Rees[pursuant to his reply, 22 October 1979, c. 71]: The Royal Mint produce coins and sets of coins for collectors and it has never been its policy to advertise these coins and sets as having an investment value. In common with most other organisations, both abroad and in the United Kingdom, the Royal Mint does not undertake to buy back at the original prices or better coins or sets of coins sold to the public.