A refined numismatic strategy unveiled by the Royal Canadian Mint amid COVID-19 has paid dividends for both the Crown corporation and the country’s federal government.
In the nearly 30 months since the pandemic began, the Mint has issued a “more targeted numismatic offering, which really is tailored to our customers,” Mint Master Marie Lemay said at this July’s Royal Canadian Numismatic Association Convention.
“This refined approach that we have now is really helping us achieve revenues that we need to have a robust and engaging numismatic coin program, and the strategy is working.”
According to the Mint’s 2022-26 corporate plan, the numismatic business line “will concentrate on premium products and customers, strategically explore new opportunities and continue to celebrate Canada and produce high-value medals.” Because the Mint saw “strong interest” from precious metal collectors last year, officials also plan to continue focusing its offerings on “high-value customer segments and developing premium products to maintain a strong and profitable numismatic business.”
As for circulation coins, the Mint noted in its five-year plan the country’s ongoing transition to a “cash-light society.” In 2020, the pandemic’s first year, the Mint’s profits generated a $20 million dividend for the federal government while supporting 1,130 jobs.