The Royal Netherlands Mint was founded in Utrecht in 1567, making it one of the oldest mints in the Netherlands. During the 16th century, the Netherlands had several mints, each minting its own coinage. In 1806, it was decided that the country should have a central mint, Utrecht, and a single national currency. After many years as a state institution, the Mint became an independent commercial organization in 1994. The Dutch state continued to participate as a 100% shareholder. In 1999, the Mint was granted the right to bear the prestigious "Royal" predicate. The King of the Netherlands reserves this predicate for a select group of Dutch companies, as it symbolizes the King's respect, trust and appreciation for these organizations. In 2016, the Royal Netherlands Mint became the first European mint to privatize its operations. This step enabled the Mint to improve its responsiveness, customer service and efficiency through a more effective decision-making structure and the ability to pursue long-term goals and strategies.