EU orders France to destroy 27 million coins (Image, Reuters)
Chen Lizhu / Verification Editor
[Sianel Ariannol / Adroddiad Cynhwysfawr]Because France did not seek design approval from the EU and the EU stars on the new coins were difficult to read, the EU ordered France to destroy 27 million coins. French media estimates that the cost of destroying and recalling the coins could cost US$1.6 million (about NT$49.76 million), which is very expensive.
The Post and Politico quoted French media outlet La Lettre as reporting that Paris Mint CEO Marc Schwartz ordered the redesign and minting of the country’s 10-cent, 20-cent and 50-cent coins in November last year. . These new coins were due to be presented to the French Economy Minister, Bruno Le Maire, during his visit to the Paris Mint headquarters on December 7 last year.
Unexpectedly, just 6 days before the new coin was released, the design of the new coin was rejected by the European Union because the EU star on the coin was difficult to read. The Paris Mint was forced to re- melted down and minted 27 million coins.
The Paris Mint will spend between $768,000 and $1.6 million to melt and re-mint the new coins. Schwartz, CEO of the Paris Mint, said the delay in issuing new coins was beyond control and blamed the costly accident on “the French government.”
Officials from the French Economy Ministry fired back, saying that the Paris Mint is a listed company and is not part of the French government. This means that the Mint will cover the cost of re-minting the coins in full. “The French taxpayer will bear no costs, as the company will absorb them in its operating costs.”
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