Mint coin sales drop after surge in Royal commemoratives

The Royal Canadian Mint experienced a seven per cent decline in the sale of its numismatic coins during the first three months of 2024. According to its first-quarter results reported on May 24, the Mint attributed the drop in collector coin sales to the high demand in the first quarter of  2023 for products commemorating Queen Elizabeth II’s reign.

Queen Elizabeth II died on Sept. 8, 2022. In the months that followed, the Royal Canadian Mint introduced several collectible coins to honor the late monarch. Throughout 2023, the Mint also released a series of coins to commemorate the May 6, 2023 coronation of King Charles III.

Overall, from January 1 to March 31, the Mint’s combined revenues fell to $314.7 million, down from $769.7 million during the same period the previous year. This significant decrease was largely driven by declining sales of gold and silver bullion. Gold volumes dropped by a substantial 46 per cent quarter over quarter to 173.6 thousand ounces, while silver bullion volumes decreased by 50 per cent to 4.5 million ounces. The Mint reported that this sharp downturn in bullion sales was due to weaker demand in the global bullion market.

However, demand from foreign countries for the Mint to produce their coins nearly tripled quarter over quarter. Despite this, revenue from Canadian coin circulation products and services decreased by two per cent, primarily due to lower volumes processed in the Alloy Recovery Program in 2024.

Additionally, the Mint reported a six per cent reduction in operating expenses during the same period, mainly due to planned cuts in consulting expenses. Despite these challenges, the Mint stated it expects to meet its financial goals for 2024 as outlined in its 2024-2028 Corporate Plan.

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