http://gazette.gc.ca/rp-pr/p2/2011/...192-eng.htmlP.C. 2011-941 September 22, 2011
His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 6.1 (see footnote a) of the
Royal Canadian Mint Act (see footnote b), hereby amends Part 1 of the schedule to that Act by adding the following after the reference to "One million dollars":
One hundred thousand dollars
REGULATORY IMPACT
ANALYSIS STATEMENT
(This statement is not part of the orders.)
Issue and objectives
The
Royal Canadian Mint (
RCM) wishes to produce a non-circulation gold numismatic coin with the denomination of $100,000. However, at present the
RCM is not authorized to produce coins with the denomination of $100,000. Pursuant to Section 6.1 of the
Royal Canadian Mint Act, the Governor in Council may, by Order, amend Part 1 of the schedule by adding or deleting a denomination of a non-circulation coin. Thus, the purpose of this Order is to amend the schedule with the addition of the new denomination of $100,000.
Currently, the
RCM produces 99.999% non-circulation gold numismatic coins featuring denominations of $10, $150, $200 and $350. Based on the popularity of the $1,000,000 gold coin that was launched in 2007, there has been strong customer demand both nationally and internationally, for a large numismatic coin containing 99.999% gold with a high denomination. In response to the strong demand reported by the
Royal Canadian Mint's Outbound Sales Team, the
RCM would like to produce a 10 kg ($100,000 face value) gold coin. This demand has been largely due to the increasing price of gold in the market and the fact that many see gold as a solid investment. This perception has been reinforced by the Mint's $1,000,000 gold coin which is presently more valuable than its original retail price in the secondary market as the market value of gold has increased significantly.
Description and rationale
There are only two known types of 10 kg gold numismatic coins presently being produced in the world. One is produced by the Central Mint of China and the other by the
Perth Mint; however, both are composed of 99.99% gold as opposed to 99.999% gold. The
RCM's 10 kg gold coin would be the world's purest gold coin featuring this new denomination. The production of this coin would not only create market visibility for the
RCM but would also strengthen its position as the purest gold coin producer in the industry.
The 10 kg gold coin would be sold in Canada and internationally by the
RCM and would be used by the
RCM for advertising and promotional purposes at national and international coin shows..........
(and more)
Consultation
The form of consultation used was discussions with the
RCM's Masters Club members, coin dealers and distributors who expressed a strong interest in this unique coin as they felt that this coin would create the same type of heightened interest and sales that the $1,000,000 gold bullion coin created in 2007.
Posted 09/20/2017 1:02 pm
