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Royal Canadian Mint’s Fastest Selling Product is a Century Old

The newest and fastest-selling product at the Royal Canadian Mint is 100 years old.

On November 28, the Royal Canadian Mint and the Bank of Canada issued a joint announcement in which they stated they would offer 1912, 1913, and 1914 Canadian $5 and $10 coins held by the Bank of Canada since the bank opened in 1935. Before 1935, the $5 and $10 coins were held by the nation’s Ministry of Finance, which retains ownership of the coins today.

The series was the nation’s first exclusively Canadian gold coins. They were struck at the Ottawa mint, which opened in 1908. The coins were struck from gold mined in the nation from the Klondike region and from Ontario.

The outbreak of World War I in 1914 ended the brief experiment with domestic gold currency and the government of Canada recovered the majority of circulating $5 and $10 coins as well as withholding remaining stocks from circulation to help finance the war effort.

The Bank of Canada has held approximately 245,000 King George V gold $5 and $10 coins dated 1912, 1913, or 1914 in the Exchange Fund Account controlled by the Minister of Finance.

Ian E. Bennet, president and CEO of the Royal Canadian Mint, said the Mint is delighted that these pieces of its history are back in the spotlight after a nearly century-long absence.

Alex Reeves, Royal Canadian Mint senior manager of communications, said the Mint does not grade coins. However, he added the Mint did work with a professional grader to sort the coins in terms of aesthetic quality, as the Mint’s goal was to offer up the cream of the crop without getting into anything that suggests a grade.

Coins that are designated Premium Hand-Selected coins are targeted at collectors with the highest standards. Hand-selected coins exhibit minimal evidence of wear caused by handling, storage, or environmental conditions. Coins with environmental damage or damage from handling are set to be melted down by the Mint into pristine gold.

The spot price of gold rebounded from one-month lows at $1,683.79 per troy ounce back above the $1,700 per troy ounce level before retracing 0.2 percent to $1,701.60 per troy ounce. U.S. gold futures for December delivery gained $1.40 to $1,703.20 per troy ounce.

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