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By Bret Evans
The Royal Canadian Mint has launched a pilot project to sell one-ounce gold bullion wafers directly to the public.
"It is a pilot project," spokesman Alex Reeves told Canadian Coin News. "We're not sure how long it will run."
The project was announced April 13, although sales started earlier.
The Mint's website describes it as "a pilot project to gauge the demand for direct to consumer business for investment products, and we have selected the wafer as our initial offering."
There are some rules. The RCM will only sell to Canadians, and will not accept orders for more than five wafers a day from a single customer. In addition, buyers must complete an identification form to ensure that the transaction complies with the Proceeds of Crime, and Terrorist Financing Acts.
Although the RCM has been selling coins to customers through its website for years, this is the Crown corporation's first foray into the bullion market.
The wafer has a purity of .9999, or "four nines." One side features the Mint logo with inscriptions for the weight and purity, while the other side has a pattern of RCM logos as used on previous wafers.
In another bullion-related item, the final bullion coin issue of the Olympic series, the 2009-dated five-nines (.99999 Fine) Gold Maple Leaf, has worked its way into the hands of dealers.
Although issued in 2009, dealers did not receive their coins until well into 2010, in some cases as late as March.
The one-ounce gold coin has a heavy veined brilliant Maple Leaf design – the same as the regular Gold Maple Leaf – with a background marked by a cross-hatching pattern of fine lines. The obverse shows an effigy of the Queen with the same lined background. Both sides have a reverse Proof finish.
The RCM's popular line of dinosaur coins has been augmented by a 50-cent base-metal coin, with lenticular technology incorporated to create a moving image of a dinosaur walking towards the viewer from the Talisman Energy Fossil Gallery at the Canadian Museum of Nature. It is the first coin in a new exhibit series.
The coin is struck on brass planchets, with a plain edge, in Specimen finish. The obverse design has the Susannah Blunt effigy of Queen Elizabeth II, with Canada, the denomination, and the date appearing around the edge of the dinosaur design. The coin has no mintage limit.
Although the announcement was dated April 21, the coin was not to go on sale until May 3.
May 11 to May 24, 2010 issue of Canadian Coin News
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