Demand for Queen coins push numismatic sales 23% in first quarter

High demand for Elizabeth II reign products pushed numismatic sales 23 per cent higher than the previous quarter for the Royal Canadian Mint.

In reporting its first-quarter results, the Mint stated results “were stronger than expected as the Mint was able to respond with agility to a resurgence in global bullion market demand late in the quarter. The Mint expects to meet its financial goals for 2023.”

Since the passing of Queen Elizabeth II on Sept. 8, 2022, the Mint has released several coin products to commemorate her reign of more than 70 years, the longest of any British monarch. The most popular release, to date, came in December with a toonie featuring a first-of-its-kind black nickel plating on the toonie’s outer ring, symbolizing a mourning armband.  More than five million mourning toonies have been released for general circulation.

Last week, the ‘mourning toonie’ was named the best new circulating coin by the International Association of Currency Affairs (IACA).

To meet the high public demand for Canadian coins honouring the late monarch, the Mint has to date released several coins aimed at all budget levels, including:

  • $2 special wrap roll honouring Queen Elizabeth II;
  • One-ounce silver coin — A Sense of Duty, A Life of Service;
  • Quarter-ounce silver coin — Queen Elizabeth’s Portrait;
  • Collector’s Edition 50-cent special wrap roll;
  • Collector’s Edition special wrap roll set;
  • Five-ounce silver coin — Queen Elizabeth II’s Coronation;
  • Collector’s Edition non-circulation coin set;
  • One-ounce gold coin — Queen Elizabeth II’s Royal Cypher;
  • One-ounce silver coin — The Imperial State Coin;
  • Two-ounce gold coin with gemstones — The Imperial State Crown;
  • 2022 special edition proof silver dollar — The Imperial State Crown; and,
  • Platinum coin — Queen Elizabeth II’s Royal Cypher.

More releases featuring Queen Elizabeth are expected in the coming months.

Other highlights of the first quarter financial results included gold bullion volumes decreasing 13 per cent quarter over quarter to 318.7 thousand ounces, while silver bullion volumes increased one per cent to nine million ounces.

“The Mint continues to operate in an ever-changing and challenging business environment, our sustained profitability demonstrates that we are a strong and resilient organization,” said Marie Lemay, president and CEO. “While we are still in the midst of implementing our long-term strategy, it continues to deliver positive results and is positioning us for future growth.”

More details on the financial results are available with the Mint’s recently released annual report at











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