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The Royal Canadian Mint paid nothing to the federal government in 2023

Photo: John Woods The Canadian Press The Royal Canadian Mint began stamping the face of King Charles III on current coins on November 14.

The Government of Canada had to give up in 2023 the tens of millions of dollars that the Royal Canadian Mint usually gave it, which is now banking on the sale of coins bearing the image of King Charles III to alleviate financial difficulties.

The federal Crown corporation “paid no dividends during the fiscal year ended December 31, 2023,” reports its most recent annual report, published at the beginning of May. This is a sharp drop compared to the 40 million sent in 2022 to its sole shareholder, the Government of Canada, or the 79 million paid in 2021.

The financial situation of the Royal Canadian Mint is particularly weighed down by a slowdown in the sale of coins to financial institutions (-26% compared to 2022), low orders for foreign coins (-56%), the drop in its volumes investments in gold and silver (-34%) and an increase in its operating costs (+8%). The state corporation attributes the current situation to increases in interest rates, metal prices, exchange rates and inflation.

Saved by royalty

However, the annual report of the federal Crown corporation is not without good news. It attests that the Canadian monarchy's business is doing well and highlights the popular “success” that its collectible coins have enjoyed since the death of Queen Elizabeth II. “The results benefited from the success of numismatic products honoring the reign of Queen Elizabeth II and the coronation of His Majesty King Charles III,” notes the Royal Canadian Mint in a press release.

The craze for royalty would have caused sales of collectible coins to jump by 20% compared to the previous year, for a total of $140.7 million in 2023. In his report annual, the Crown corporation congratulates its employees in Winnipeg and Ottawa for having succeeded in “inaugurating a new royal era” in just a few months.

On May 7, four days after the publication of its sharply declining financial results, the Royal Canadian Mint launched a coin set with the color portrait of Canada's new monarch. The silver dollar coin is on sale on its website for CA$89.95 (or US$66.07). It marks the first anniversary of the coronation of King Charles III, who is represented in ceremonial attire. “Many Canadians witnessed for the first time this ceremony which represents continuity, tradition and duty,” underlines the explanatory sheet of the piece.

The Royal Canadian Mint's mandate is to manage the distribution of coins in circulation in Canada, but also to create commemorative coins that highlight “the history, diversity, culture and values ​​of Canada”. She began stamping the face of King Charles III on common coins on November 14.

Its 2023 financial report specifies that despite the absence of a dividend for the year in question, an amount of four million dollars was provided to the Canadian government in January 2024.

That same month, the federal government used its official publication to order all of its “false subjects” to learn their king's new title: “Charles the Third, by the grace of God, King of Canada and of its other kingdoms and territories, Head of the Commonwealth.”

Teilor Stone

By Teilor Stone

Teilor Stone has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining Thesaxon , Teilor Stone worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my teilor@nizhtimes.com 1-800-268-7116