{"id":3681,"date":"2016-02-01T15:16:10","date_gmt":"2016-02-01T15:16:10","guid":{"rendered":"https:\/\/blogs.transparent.com\/dutch\/?p=3681"},"modified":"2016-02-01T15:16:10","modified_gmt":"2016-02-01T15:16:10","slug":"koninklijk-muntenhuis-will-it-stay","status":"publish","type":"post","link":"https:\/\/blogs.transparent.com\/dutch\/koninklijk-muntenhuis-will-it-stay\/","title":{"rendered":"Koninklijk Muntenhuis – Will It Stay?"},"content":{"rendered":"

Every country has a currency, and so every country needs a place where that money is made. In the Netherlands, coins are made by a company called\u00a0Koninklijke Nederlandse Munt (KNM)\u00a0<\/em>or\u00a0the\u00a0Koninklijk Muntenhuis<\/em>. Paper bills are made elsewhere.\u00a0<\/em>Despite this important role, the KNM might become superfluous very soon… So let’s have a closer look. Where does KNM\u00a0come from? And what does it do today? And why might it be superfluous?<\/p>\n

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What Is KNM? – A Short History<\/h3>\n
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Koninklijke Nederlandse Munt in Utrecht. If you look closely on the Gevel (facade) on the left side of the building, you can still find the engraving of its name from 1814: ‘s Rijks Munt <\/em>(Coin of the Realm)\u00a0(click on the picture to enlarge it).<\/p><\/div>\n

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Napoleon established KNM\u00a0when he reigned in the Netherlands. In the early\u00a019th century, major Dutch cities had their own currency, and thus their own coin minter. This led to a terrible administrative fuzz, because every other city you would visit had another currency. In 1806, Napoleon decided to stop this practice and created KNM by royal decree: a national coin, that was to apply to the entire country. Nobody objected to that… Since the coin minter in Utrecht was the best equipped, which already existed since 1567, by the way,\u00a0it\u00a0became\u00a0the seat\u00a0of\u00a0KNM.<\/p>\n

After the downfall of Napoleon, the Netherlands became a Monarchy in 1814. KNM changed its name into\u00a0‘s Rijks Munt<\/em>, which is still visible on the building today (see the picture).<\/p>\n

All this time, the company stayed private. Only in 1902, it came under the control of the\u00a0Ministerie van\u00a0Financi\u00ebn \u00a0<\/em>(Ministry of Finances – the Dutch Treasury). In 1912, it was officially made a public company. In 1994, it became a private company again, however with the Dutch Government as the only shareholder. Its focus shifted now more on the coin minting market, instead of only on\u00a0the\u00a0production of Dutch coins.<\/p>\n

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What does KNM do?<\/h3>\n
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The current Dutch 2 euro coin with the recently inaugurated King Willem Alexander.<\/p><\/div>\n

KNM is responsible for the production of the Dutch euromunten <\/em>(euro coins). Since the introduction of the euro, KNM made 2,8 billion euro – six times more than they did when producing the\u00a0gulden<\/em>, the former Dutch currency.<\/p>\n

KNM also produces special coins, like those for\u00a0special\u00a0events or coin collectors.<\/p>\n

Lastly, KNM is also involved in the production of other currencies. It is a private for-profit company, so it can take on orders from other countries, for example, that wish to have their coins produced. And that almost cost KNM its head…<\/p>\n

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Why KNM Is No Longer Needed – What’s Going On Today?<\/h3>\n