Muenze Oesterreich has joined LBMA as an Affiliate Member
What were the reasons for you wanting to join LBMA and what do you see as the key benefits of membership?
LBMA plays a central role in the global precious metals market, and we believe that joining this organisation and collaborating with other market participants will boost the appeal of our products.
The industry faces significant challenges, but we are confident that, as the standard-setter, LBMA will support us in navigating these evolving requirements.
Tell us about your company’s role in the precious metals market?
The Austrian Mint delivers the Wiener Philharmoniker (Vienna Philharmonic) coin worldwide, as well as branded gold bars. Vienna Philharmonic coins are produced in gold, platinum and silver. The Austrian Mint strives to produce at the highest quality standards in order to meet the demands of its customers – investors and collectors. Moreover, it also produces semi-finished products for other mints, especially blanks in
gold and silver. We try to meet all requirements of our customers by providing high-quality products and ensuring maximum flexibility in all logistical aspects.
What’s the background and history of the company?
The Austrian Mint was founded in 1194 and has been making coins for over 830 years. In 1989, the Austrian Mint was established as a subsidiary of the Austrian National Bank, emerging from the former Principal Mint.
The Mint currently employs just under 200 people and produces approximately 350 million coins a year.
What factors do you expect to impact your business in the short to long term?
Looking ahead, evolving market conditions present considerable challenges for all participants. In addition to meeting Responsible Sourcing standards, we face an array of complex regulations, including those related to money laundering, cash transactions, and new US customs policies. The Austrian Mint is eager to collaborate with the LBMA and leverage this partnership to navigate these obstacles successfully.
On the other hand, we see a continuously rising interest in our products. Investors have learned that it is very helpful to include precious metals in their portfolios as it decreases volatility and gold represents an excellent hedge against inflation.
What are your future plans for the business?
In the future, we would like to expand our business into additional international markets and regions. Additionally, we are also prepared to provide our customers with new and innovative products, as demonstrated by our new collector coin editions. We also provide our customers with new solutions by introducing new production processes. As a small, neutral country, Austria embraces music as the central
theme of our investment coins, reflecting universal values such as culture, friendship and democracy. Beyond high-tech production and outstanding quality, we strive to convey a message which goes beyond the material value of our products. We see ourselves as ambassadors of these values.
Wiener Philharmoniker coin