‘Royal’ collector coins drive up RCM sales 20%

In the 2023 fiscal year, the Royal Canadian Mint (RCM) experienced a 34 per cent decline in revenues compared to the previous year, primarily due to significant drops in gold and silver sales. However, the Mint saw a 20 per cent increase in revenue from numismatic products, bolstered by successful releases commemorating the reign of the late Queen Elizabeth II and the coronation of King Charles III.

The Mint’s profits for the year amounted to $24.1 million, marking a 46 per cent reduction from the $45 million reported in the prior year. Marie Lemay, president and CEO of the RCM, noted, “The Royal Canadian Mint achieved solid results despite a sharp downturn in the precious metals markets, significant investments in its digital transformation, and a higher level of operating costs.

Additionally, revenue from foreign circulation fell by 56 per cent due to decreased volumes and changes in the mix of coins and blanks in new contracts. Revenue from Canadian circulation also declined by 8 per cent, as the need for additional coins to replenish inventories decreased, coinciding with an uptick in deposits at Canadian banks and an increase in coins sourced from recycling programs.

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