The Israel Coins and Medals Corporation (ICMC) has announced that it will no longer act as the exclusive distributor of Bank of Israel commemorative and collector coins, effective August 31. The ICMC has also announced that due to the significant decrease in the price of precious metals, they will be reducing the cost of many collector coins in stock by at least 15%. The price cut does not apply to bullion-related merchandise.
The Israel Coins and Medals Corporation was established in 1958 by Prime Minister Ben Gurion for the purpose of commemorating Israel’s historical events and milestones, outstanding personalities, and achievements in culture, science, and art. In 2008, the ICMC was privatized but still retained their exclusive right to distribute coins and medals authorized by the Bank of Israel and affiliated government departments. In an effort to increase their market share in the collector coin and numismatic field, the ICMC collaborated with entities such as the Israel Antiquities Authority to produce replicas of ancient coins and archaeological artifacts excavated in Israel. The ICMC also sought to promote Israeli Art through the sales of art and Judaica designed by Israel’s most talented artists.
The coins of Israel have often been recognized in the numismatic trade for their designs and creativity. The Bank of Israel was last honored at the Coin of the Year awards (COTY’s) in 2012 for “Jonah and the Whale,” a 2-Sheqel coin that won in the Most Artistic category.
The ICMC states that after September 1 they will continue to provide full customer service within their usual scope of activity, which includes offering gold and silver bullion bars, as well as state medals. They will also increase their involvement in the secondary market. The ICMC will outline their additional services after the first of September.
For more information on products from the Israel Coins and Medals Corporation, or to order coins still in stock, please visit the ICMC’s Web site. Information is offered in English and Hebrew, with international orders dispatched where applicable.