Monday, August 5, 2013

Revisiting the Bank of Canada 1912-1914 Gold Coins

On November 28, 2012, the Royal Canadian Mint offered for sale to the public a hoard of Canada’s first gold coins, which had been stored at the Bank of Canada for more than 75 years.

The hoard consisted of $5 and $10 gold coins dated from 1912 to 1914. The coins had a composition of 90% gold and 10% copper, yielding net gold content of 0.2419 troy ounces for the $5 coins and 0.4838 troy ounces for the $10 coins. Besides the value of the gold content, these coins also carried numismatic premiums. Apparently only a small number of 1912-1914 gold coins were held by individual collectors, with the bulk of the coins kept out of circulation.
The entire offering has been sold out and the remaining coins have been remelted. A combined 5,591 additional gold coins have been certified by the major services since the dispersal of the hoard. More than three-quarters of this number are for just the 1913 and 1914 $10 gold coins. The remaining issues saw the addition of about 300 more certified examples each.

The vast majority of the new coins certified seem to have fallen into the grades of MS63 or MS64. When offered for sale or auction, most certified examples seem to carry these grades.