FACTS & FIGURES — Gold use in coinage shows worldwide decline in 1995

The worldwide use of gold in coinage dropped 50% in 1994, down to 2.5 million oz. from 5 million oz. in 1993, according to Modern Gold Coinage 1994, an annual report released by The Gold Institute.

Based in Washington, D.C., the institute is an international, non-profit trade association of gold miners, refiners, fabricators and wholesalers of gold and gold products.

The sharp decline was due, in part, to the lack of a special Japanese commemorative issue last year; in 1993, the Japanese issue accounted for more than 3 million oz. Gold used in the mintage of bullion coins dropped to 1.4 million oz. last year from 2 million oz. in 1993, continuing a 5-year decline from 3.2 million oz. in 1990.

Although the fluctuation in commemorative coinage appears wide, it has remained relatively stable for most countries, at 1 million oz. over the past five years.

Although all countries producing bullion coins posted declines in gold usage during 1994, Australia’s decrease was the smallest, at 3,862 oz. Overall, Australia was the largest user of gold for coinage in 1994, consuming 827,230 oz., followed by the U.S. at 402,808 oz. and Canada and Austria at about 300,000 oz. each .

Modern Gold Coinage 1994 documents the 368 gold coins issued last year by 40 countries throughout the world. The statistics have been verified by monetary authorities and are the result of extensive contacts and consultations with ministries of finance, central banks, govern- ment, private mints and numismatic experts throughout the world.