Legal-tender coins can’t always be spent

Today, if you have non-circulating legal tender you have a few choices: hope your local bank values your business well enough to take them; use them to buy product at an RCM boutique; or, try to pass them off on local businesses in the course of your normal business. Continue reading →

Scarce Canadian coins sell on both sides of the border

The scarce pattern made prior to the production of Newfoundland $2 gold coins differs from the final coin in small details, such as the dots and lines on either side of the obverse effigy.

A pattern 1865 gold $2 from Newfoundland changed hands for more than $100,000 at the Heritage Auction held April 10 in Chicago. Continue reading →

Mint enjoys record sales year

Bullion was a bigger seller for 2013, with the sale of gold maple leaf coins up nearly 50 per cent over the year before.

The Royal Canadian Mint (RCM) enjoyed another record year driven by sales in bullion, collector coins and producing coins for foreign clients Continue reading →

Mint unleashes Bank of Canada gold coin holdings

The final gold coins in the Bank of Canada’s reserves are being put up for sale. The Royal Canadian Mint has been consigned what it refers to as “a rare collection of Canada’s first gold coins, produced by the Mint from 1912 to 1914.” The coins take the form of almost a quarter-million Canadian $5 and $10 gold coins with 1912, 1913 and 1914 dates. They have been stored at the Bank of Canada for more than 75 years after becoming part of the Government of Canada’s Exchange Fund Account. The non-Canadian gold had been disposed of in the 1970s. The Mint announced that the highest quality of these $5 and $10 gold coins are now being offered for sale to convert the proceeds into quality fixed-income securities. The remainder are to be melted. Continue reading →

Melt softens gold purge’s impact on coin series

However, for the most part, the collecting hobby agreed that there were thousands of gold coins sitting around waiting to be sold. The concern was always what would happen if these ever entered the market. Now using the Royal Canadian Mint makes sense; it is a Crown corporation, so there is no way there can be any sort of preferential treatment given to any company. What’s more, the profits, either through retained earnings or dividends, remain in the public pocket. The other thing that makes sense is that the vast majority of these coins, some 90 per cent, are going to be melted. As one collector remarked, it did feel a bit like burning books, but try to imagine the chaos that would ensue if nearly a quarter-million gold coins were poured into the Canadian market, even if it was done over a period of several months. Continue reading →

Hobby can benefit from penny’s doom

The impending removal of the 1-cent coin from circulation, while inevitable, is still lamentable for coin collectors. For the first time in living memory, an entire coin denomination will cease to exist. It may be a bit of a stretch to compare this with the introduction of decimal currency of the 1850s, but in the more than 150 years since decimal coins became legal tender, there has always been a 1-cent coin. I remember assembling date sets of 1-cent coins out of the family penny hoard. The collection was only worth face value, but it was fun and may in some way contribute to where I am now. It is a memory I am sure most of my readers share. But some of the talk surrounding the coin is just plain foolishness. Continue reading →

Fiji unveils made-in-Canada circulating coinage

The Reserve Bank of Fiji has rolled out the island nation’s newest coins, all made in Canada. The new coins, in values of 5, 10, 20, and 50 cents as well as $1 and $2, are made using the Royal Canadian Mint’s plating process. The coins, for the most part, feature local flora and fauna. The $2 coin replaces the $2 bank-note. The Government of Fiji approved eliminating the note in favour of the coin in 2011. That year it also approved the new coin designs, which are the first Fijian coins to not feature an effigy of Queen Elizabeth II. Continue reading →

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