The Royal Dutch Mint was founded in Utrecht in 1567, making it one of the oldest institutions in the Netherlands. During the 16th century, the Netherlands had several mints, each producing its own coins. In 1806, it was decided that the country should have a central mint in Utrecht and one national coin. After many years as a state institution, the Mint became an independent commercial organization in 1994, with the Dutch state remaining a 100% shareholder. In 1999, the Mint was granted the prestigious title 'Royal'. The King of the Netherlands reserves this title for a select group of Dutch companies, as it symbolizes his respect, trust, and appreciation. In 2016, the Royal Dutch Mint became the first European mint to privatize its operations, a step that improved its responsiveness, customer service, and efficiency through a more effective decision-making structure and the ability to pursue long-term objectives and strategies.