Silver Maple Leaf sales rise slightly in second quarter
- Published: Sep 10, 2022, 12 PM
Sales of the Royal Canadian Mint’s Maple Leaf silver bullion coins rose slightly during the second quarter of 2022, the RCM announced Aug. 19.
The RCM sold 8.6 million ounces of silver Maple Leafs during the period, which ran from to April 1 to June 30, compared to 8 million ounces during the same period a year earlier.
The increase in silver Maple Leaf sales couldn’t stave off a drop in overall revenue from the RCM’s Precious Metals businesses, which decreased to $793.6 million Canadian in 2022, compared to $905.4 million a year earlier (all prices reflect Canadian dollars).
Gold bullion volumes decreased 20% to 357 thousand ounces in the second quarter of 2022, compared to 448.7 thousand ounces in second quarter 2021.
In good news for Canada’s national mint, sales of collector coins during the second quarter of 2022 increased to $31.9 in 2022 ($24.8 million in second quarter 2021) due to higher sales of the RCM’s new Opulence coin collection, international resale coins and premium bullion products.
Striking Canadian circulation coins remains the RCM’s core mandate, and that continued to remain profitable for the crown corporation.
Revenue from Canadian coin circulation products and services totaled $48.3 million, an increase of 14% quarter-over-quarter, due to more demand for coins in circulation and an increase in the number of metric tons processed in the program that melts older Canadian coins to recover the metal.
The RCM also strikes coins for other countries, and that business dropped 11% quarter-over-quarter, as lower volumes were produced and shipped in 2022 compared to 2021.
Overall, the RCM’s revenue decreased to $841.9 million in 2022, compared to $953.5 million in 2021, but the RCM said the financial results for the second quarter of 2022 are as expected, given the exceptional performance seen in 2021, lower gold bullion sales, and planned higher operating expenses.
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