One-third of all Canadian 1912, 1913, and 1914 gold coins have now officially been melted.
More than 215,000 $5 and $10 coins were melted during a 10-day period early in June, according to sources in Canada.
Alex Reeves, senior manager of Communications with the Royal Canadian Mint, confirmed that the final day of melting was June 12.
The coin melt comes more than 30 months after the RCM and the Bank of Canada announced sales of 30,000 specially selected coins from a hoard stored in a Bank of Canada vault since World War I.
All 30,000 of the coins offered to the public sold out, with two dealers in Canada — Sandy Campbell and Ian Laing — saying they bought more than half of them from the RCM.
Laing, owner of Gatewest Coins in Winnipeg, Manitoba (and Albern Coins in Calgary, Alberta), spoke exclusively to Coin World about the hoard dispersal.
“This is a once-in-a-lifetime thing and this is the end of it for Canada. There’s no more out there,” he said.
The melt required many days because of the sheer volume of coins, according to Campbell, who owns Proof Positive Coins.
“It was a lot of coins and they couldn’t physically melt them any faster than that,” he said.
The total gold weight of coins melted was approximately 95,586 ounces, which was valued at $113,060,275 U.S., at the closing market rate of gold on June 12 ($1,182.80 U.S. an ounce).