Today, the Royal Canadian Mint announced that they are offering for sale to the public a collection of Canada’s first gold coins, which were produced from 1912 to 1914. The $5 and $10 gold coins in the collection have been stored at the Bank of Canada for more than 75 years.
The highest quality examples of the coins will be offered for sale to convert the proceeds into quality fixed-income securities. Less visually appealing examples will be refined into 99.99% pure gold to liquidate the balance of the holdings.
The obverse designs of the coins feature the effigy of King George V wearing coronation robes and the Imperial State Crown. The reverse features a shield bearing the national arms of the dominion of Canada: Ontario, Quebec, Nova Scotia, and New Brunswick. The shield is encircled with maple branches with the inscription “Canada” above and the date and denomination below.
The $5 Gold Coins have a composition of 90% gold and 10% copper, with a diameter of 21.59 mm and weight of 8.26 grams yielding a net weight of .2419 troy ounces of gold. The $10 Gold Coins have a composition of 90% gold, 10% copper, with a diameter of 26.92 mm, with a weight of 16.72 grams yielding a net weight of .4838 troy ounces of gold.
The Guide Book of Canadian Coins lists mintages for the $5 Gold Coins as 165,860 (1912), 98,832 (1913), and 31,122 (1914). The mintages for the $10 Gold Coins are listed at 74,759 (1912), 149,232 (1913), and 140,068 (1914).
According to information distributed by the Royal Canadian Mint, only a small number of the 1912, 1913, and 1914 gold coins remained in the hands of individual collectors, while the bulk of the coins were kept out of circulation. This seems to have contributed to higher values for the coins, particularly examples in gem condition. My Guide Book shows prices of up to $7,750 for the $5 Gold Coins in MS65 and up to $19,550 for the $10 Gold Coins in MS65. Only a handful of gold coins from these dates are listed for sale on eBay with one of the finest coins being a 1913 $10 Gold Coins graded PCGS MS63 at a buy it now price of $2,350.
The sale of the collection of gold coins held in storage will no doubt have an immediate and significant impact on values. This could be similar to the impact seen in the United States resulting from Treasury release of silver dollars and the later sales of Carson City silver dollars conducted by the GSA.
The Royal Canadian Mint has not assigned grades to the coins which will be sold, but has separated them into different categories classified as “Premium Hand Selected” and “Hand Selected” coins. Pricing is $875 CAD or $500 CAD for the $5 Gold Coins, and $1,750 or $1,000 for the $10 Gold Coins. A six coin set of premium hand selected coins is also available for $12,000 CAD.
Visit www.mint.ca/1912gold to place orders or for more information.
Ian E. Bennett, President of the Royal Canadian Mint Board and Marc Carney, Governor of the Bank of Canada unveil Canada’s first gold coins at the Mint’s Gold Refinery Vault in Ottawa, Ontario on November 28, 2012. Produced by the Mint from 1912 to 1914 and previously stored at the Bank of Canada for over 75 years, the coins are now available for purchase from the Mint.