As a result, a branch of the Royal Mint was authorized to be built in Ottawa in 1901 after being first proposed in 1890. As Canada emerged as a nation in its own right, its need for coinage increased. Logo of the Royal Canadian Mint until June 2013 Ottawa facility The Royal Canadian Mint building at 320 Sussex Drive in Ottawaįor the first fifty years of Canadian coinage (cents meant to circulate in the Province of Canada were first struck in 1858), the coins were struck at the Royal Mint in London, though some were struck at the private Heaton Mint in Birmingham, England. In April 1969, the Royal Canadian Mint was incorporated as a Crown corporation via the Royal Canadian Mint Act for the purpose of minting coins and associated activities.
In December 1931, the Mint was established as the Royal Canadian Mint and as a branch of the Department of Finance via an act of Parliament. In 1931, Canada became an independent dominion of the British Empire and the assets of the Mint were transferred to the Canadian government.
When first established in Ottawa in 1908, the Royal Canadian Mint operated as the Ottawa branch mint of the British Royal Mint. JSTOR ( August 2021) ( Learn how and when to remove this template message).Unsourced material may be challenged and removed.įind sources: "Royal Canadian Mint" – news Please help improve this article by adding citations to reliable sources in this section. This section needs additional citations for verification. On January 12, 2016, it was announced that MintChip had been sold to Toronto-based nanoPay. In April 2012, the Mint announced it was developing MintChip, a digital currency to allow anonymous transactions backed by the Government of Canada and denominated in a variety of currencies. The final penny was minted at the RCM's Winnipeg, Manitoba, plant on the morning of May 4, 2012. In March 2012, the Canadian government decided to cease the production of pennies. The Mint was named one of " Canada's Top 100 Employers" by Mediacorp Canada Inc. The Minister serves as the link between the Mint, Cabinet and Parliament. The board of directors, through the chair, is accountable to the Minister of Finance. Traditionally, the president of the Royal Canadian Mint is known as the Master of the Mint, currently Marie Lemay, who was appointed to the position in 2018. Like private-sector companies, the Mint has a board of directors consisting of a chair, the president and CEO of the Mint, and eight other directors. The Mint serves the public's interest but is also mandated to operate "in anticipation of profit" (i.e., to function in a commercial manner without relying on taxpayer support to fund its operations). It further offers gold and silver refinery and assay services. The Mint also designs and manufactures precious and base metal collector coins gold, silver, palladium, and platinum bullion coins medals, as well as medallions and tokens. The Mint produces all of Canada's circulation coins, and manufactures circulation coins on behalf of other nations. The shares of the Mint are held in trust for the Crown in right of Canada. Any promotions or discounts are applied to the premium above the precious metal price only and not on the metal price itself.The Royal Canadian Mint ( French: Monnaie royale canadienne) is the mint of Canada and a Crown corporation, operating under the Royal Canadian Mint Act. * Bullion product prices displayed include the precious metal price and any applicable premium. Historic financial performance of Bullion is not indicative of and does not guarantee future financial performance. Investments in Bullion should only be made as part of a diversified investment portfolio and investment advice should be sought before any investment is made. You should carefully consider the risks associated with investing in Bullion, taking into account your own individual financial needs and circumstances.
Before making any investment decision, you may wish to seek advice from your financial, legal, tax and accounting advisers. As such, investments in Bullion involve a degree of risk, which may make them unsuitable for certain persons. Bullion markets can be volatile and the value of Bullion may fluctuate dependent on the market value of precious metals.
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