Austrian Mint: the Mint Behind the Vienna Philharmonic
Austrian Mint (Münze Österreich) is Austria’s state mint, based in Vienna and a subsidiary of the Oesterreichische Nationalbank, the Austrian central bank. It strikes the Austrian euro coins and, since 1989, the Vienna Philharmonic, one of the best-known gold coins in Europe. It has gold bars bearing its name made by Argor-Heraeus.
History and ownership
The history of the Austrian Mint is traced back to 1194. According to tradition, part of the ransom for the English king Richard the Lionheart, held captive by Duke Leopold V, was used to mint coins in Austria. The Vienna mint is documented in records from 1397.
In 1989 the Austrian Main Mint Office was converted into a public limited company, which was taken over by the Oesterreichische Nationalbank. Since then Münze Österreich AG has been a subsidiary of the central bank. It is based at Heumarkt in Vienna and employs around 192 people.
The Vienna Philharmonic
The gold Vienna Philharmonic has existed since 1989. It is named after the Vienna Philharmonic orchestra. The Austrian Mint describes it as the best-selling fine gold coin and the only European bullion coin, i.e. the only one with a face value in euros.
Since 2008 the Philharmonic has also been available in silver, and since 2016 in platinum. The face value is legal tender in Austria, but is far below the metal value and plays practically no role for investors.
The 1 ounce silver Philharmonic has a face value of €1.50. In platinum there are the 1 ounce size with a face value of €100 and the 1/25 ounce with €4. For gold, the fineness is given as 999.9, the highest usual fineness for bullion coins.
| Size | Face value | First issued |
|---|---|---|
| 1 ounce | €100 | 1989 |
| 1/2 ounce | €50 | 1994 |
| 1/4 ounce | €25 | 1989 |
| 1/10 ounce | €10 | 1991 |
| 1/25 ounce | €4 | 2014 |
Austrian Mint gold bars
Besides coins, the Austrian Mint sells gold bars under its own name. These are not cast in Vienna but made by Argor-Heraeus in Switzerland. The gold therefore comes from a refinery that is on the LBMA Good Delivery List.
The range also includes services such as a gold savings plan, the GoldReserve product for regular small purchases and a GoldDepot for storage.
Why is the Austrian Mint not on the LBMA list?
The Good Delivery List covers refineries that supply large bars for the London wholesale market. The Austrian Mint does not run its own listed gold refinery but processes fine gold into coins. This is the case at many state mints and says nothing about the quality of the coins.
For investors, what matters most with the Philharmonic is that its fineness and weight are guaranteed by a state mint.
Anyone who prefers bars to coins can also buy gold bars from the Austrian Mint. Because these are made by Argor-Heraeus, Austrian Mint bars and Heraeus bars come from the same Swiss refinery, only with a different stamp.
The Austrian Mint as part of the central bank
It is unusual for a mint to belong to a central bank. In many countries mints come under the finance ministry, for example the United States Mint or the Royal Mint. In Austria, coin minting lies with the Oesterreichische Nationalbank, which is also part of the Eurosystem.
Besides bullion coins, the Austrian Mint strikes the Austrian euro and cent coins and designs the national side of the Austrian euro coins. It also issues collector coins, including restrikes of the Maria Theresa thaler and coins made of silver and niobium. With the initiative ‘Nur Bares ist Wahres’ (‘only cash is real’), it campaigns for keeping cash.
