Canadian Market Analysis: Dealers still hunting for new inventory, bullion issues see price volatility
- Published: Apr 24, 2013, 8 PM
The Canadian coin market has been quite stable the last few months.
Numismatic coins have been selling better these last few weeks, with the start of the coin show season of 2013.
It seems many Canadian dealers have a severe lack of store inventory and have been buying boxes of coins and bulk lots of type coins, such as bags of large cents and silver 5-cent coins, which leaves the supply tight at the moment.
Few price changes are recorded in the decimal series of Canadian Coin Values, but changes in bullion-related issues have occurred as precious metals remain volatile (values were changed before April’s falling gold and silver prices).
The exciting news was the dispersal of Canadian 1912 to 1914 gold $5 and $10 gold coins from the hoard stored at the Bank of Canada. The bank had approximately 245,000 coins of mixed quantities and dates. These were then sorted, with the most attractive 30,000 coins retained for sale on the Royal Canadian Mint website.
Individual $5 coins, in “hand selected” quality were offered at $500, and “premium hand selected” quality coins were priced at $1,000. The $10 coins were sold for $1,000 and $1,750, respectively, in the same qualities.
Complete six-coin sets were also offered. The hand selected six-coin sets sold out almost immediately at about $4,500, with premium hand selected six-coin sets at a hefty $12,000.
Inventories of 1913 and 1914 gold $10 coins were still available in early April but the 1914 $5 coins had sold out.
I have adjusted the higher grades of all dates as there are now much larger quantities of nice coins being graded by grading services. The majority of coins are grading Mint State 63 and MS-64.
The fate of the remaining 215,000 coins is said to be the melting pot, but they are being kept until the end of 2013 in order to gauge the demand for the original 30,000 coins. Once melted, the gold will be poured into bars and offered as bullion in certificate form as part of the RCM’s bullion program. ¦
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