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Is it illegal to melt or deface Canadian coins?
The Currency Act and The Canadian Criminal Code clearly state that no person shall melt down, break up or use otherwise than as currency any coin that is legal tender in Canada.
Is circulation coin counterfeiting a problem in Canada?
Canada’s circulation coins are the most secure in the world. Over the past several years we have tested a sampling of circulation coins across the country to determine whether counterfeiting is a concern. The sampling results have concluded that circulation coin counterfeiting is not a widespread issue in Canada.
The introduction of multiple security features on $1 and $2 circulation coins in 2012 offers an even higher level of protection against coin counterfeiting.
Why does the Mint Mark appear on some Canadian circulation coins dating back to 2006?
The Mint Mark is designed to promote our reputation for high quality and innovation. While it acknowledges the Royal Canadian Mint as the source of all Canadian circulation coins, it also enhances public awareness of the corporation and its role in the Canadian currency system.
Why is the effigy of the Queen depicted on Canadian coins?
The portrait of Her Majesty Queen Elizabeth II appears on all Canadian coinage by tradition, as Canada is a constitutional monarchy.
In fact, the image of the reigning sovereign has appeared on Canadian coins since the Royal Canadian Mint was founded in 1908.
After the 1952 accession to the throne proclaimed Her Majesty Queen Elizabeth II as Queen of Canada, the Government of Canada reiterated its decision to retain the image of the sovereign on Canadian coins.
What was the first coin produced at the Royal Canadian Mint?
The first coin officially made at the Royal Canadian Mint was a fifty-cent circulation coin. Governor General Earl Grey activated the press on January 2, 1908, which struck Canada’s first domestically produced coin.
A few moments later, the Countess Grey struck the second coin ever produced at the Royal Canadian Mint – a copper penny.
Why did the Royal Canadian Mint wait until now to change the tax treatment on impacted coins?
They routinely review our business practices to ensure they comply with all applicable laws and standards.
The tax for most of the numismatic coins was based on the financial instrument rules in the Excise Tax Act. While the GST legislation hasn’t changed, the Canada Revenue Agency and court decisions have narrowed the interpretation of the financial services or instruments section of the Excise Tax Act.