G10 Global On Why Some People May Soon Find Themselves Allergic To Money
April 20, 2012
G10 Global discovered this week that it is feared the new 5p and 10p coins introduced in Britain earlier this year could cause skin problems in as many as 1 in 10, with women particularly vulnerable. According to the Financial Times: “In a letter to the British Medical Journal, Danielle Greenblatt and Ian White of St John’s Institute of Dermatology and David Gawkrodger of the Royal Hallamshire Hospital, said the Royal Mint had not assessed health risks from the new 5p and 10p coins, which it started to introduce this year because they cost less to produce.”
Due to an increase in cost for Copper, the new nickel-plated steel coins have replaced the current cupro-nickel which contains 75% copper and 25% nickel. G10 Global understands that dermatologists believe the Royal Mint needs to carry out thorough risk assessments of the new nickel-plated coins over claims that they could increase allergic reactions from people allergic to nickel or even those who suffer from eczema. The introduction of the new coins comes shortly after the Swedish Riksbank revealed they would “not be using nickel containing alloys in their coinage” as they “pose unacceptable risks to health.” George Kennedy, Managing Director at G10 Global admitted he was shocked to hear the effects nickel-plated coins could have on sensitive hands.
G10 Global understand that according to a report by This Is Money, a spokesman for the Royal Mint insisted all relevant legislation and guidelines relating to the introduction of new coins had been met. The spokesman also confirmed that the new nickel-plated coins “have no additional potential to cause adverse effects on people with allergic contact dermatitis and hand dermatitis.” Margaret Cox, chief executive of the National Eczema Society disagrees however and said she “would be surprised if this change to the coinage did not lead to a bigger problem caused by increasing exposure.” The letter to the British Medical Journal also expresses the concern that if allergic reactions do increase, the cost for treatment and possible subsequent benefit claims, could end up costing the Government more money than it saves by introducing the new coins.
As experts in Direct Sales & Marketing, G10 Global understand the need to keep costs as low as possible, especially in such tough economic times. George Kennedy, Managing Director at G10 Global believes the prospect of saving up to £8 million per year by switching from Copper was too much of an opportunity to miss for the Royal Mint. He commented: “Only time will tell if we start to see an increase in reactions to these new coins. If there is, it will cause huge problems for the Royal Mint and they will face a lot of pressure to change back to cupra-nickel. If there aren’t any problems however, people will be praising the Royal Mint for saving the average tax-payer money.”
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