With its entire 250,000 worldwide edition limit now sold out, the Ice Hockey coin becomes the latest Royal Canadian Mint $20 silver coin to sell-out – securing the $20 coin as the world’s fastest-selling silver coin series.
A collecting phenomena
In just two years, the Canadian $20 silver coin series has caused an unprecedented collecting frenzy among collectors not just at home but worldwide with all seven coins selling out extremely fast. The first coin in the series featuring the Maple Leaf was issued in 2011 with a worldwide edition limit of 200,000 pieces. Just 29 days later, every single one had been sold.
Quick – but not the quickest
Surprisingly though, the Maple Leaf isn’t the fastest-selling coin in this series to date.
To cope with the unprecedented level of demand following the Maple Leaf’s success, 250,000 coins of each of the next 5 issues were struck. But as the mintage increased, so too did demand, particularly among Canadians. Once they had one, they simply had to have the next. And the next and the next – leaving many collectors disappointed.
Faster than the Diamond Jubilee issue
It was however the Polar Bear $20 silver coin that broke all previous records selling out in just 25 days – incredibly, that was 5 days faster than the celebrated 2012 Diamond Jubilee issue, which was comparatively slow at 30 days.
Collectors haven’t had to wait too long to catch a glimpse of the next coin in the series. There’s every reason to assume all 250,000 of the new 2013 Canada Wolf Silver $20 Coin, the eighth of the series, will also sell out in double-quick time.
Now officially sold out worldwide.
9.00am. Friday 1 February 2013. Over 500 people are queuing in the lobby area of Berlin’s Hotel Estrel. All keen to be among the very first collectors to gain entry to the World Money Fair in search of a collector’s bargain, long sought-after coin or a glimpse at the latest issues from the world’s leading national mints.
There is no coin show quite like the World Fair of Money. That is why each year our team of buyers attend, meeting the Mint Masters and Sales Directors of the leading mints, like the Royal Mint, Royal Canadian Mint and the Royal Australian Mint as well as some of the most well-connected secondary market coin dealers.
Here are a few of the highlights from this year’s show that I can share with you.
The Royal Canadian Mint will be issuing more $20 silver coins during 2013, continuing its trend as the world’s most popular silver coin. However, I also heard mention of something that I am pretty sure this could create even more of a storm than the $20 coins. I’m afraid I can’t say more until later this year!
I would also suggest that you look out for some very exciting and collectable issues to celebrate the 25th Anniversary of the Silver Maple.
I was excited to hear the Coronation Anniversary coins are also in the pipeline for Australia and New Zealand, which will prove historic issues with some serious collector demand.
New Zealand were also able to share with us the immense popularity of their Hobbit coins – guaranteeing that they will remain a collector favourite over the next 2 years of films.
Elsewhere, continued innovation excited. Perhaps my favourite was the ability to in-bed a nano chip into a coin, containing detailed information, visible only under a microscope. There is already talk of how to use such technology to include the works of Shakespeare in a nano chip on a coin to commemorate the 450th anniversary of Shakespeare’s birth in 2014.
Looking further ahead…
With almost 80% of you wanting a coin for a royal baby, there is some encouraging news. A number of the major national mints are having discussions with the Palace about issuing a coin with the Duke & Duchess of Cambridge’s baby this summer.
Looking further forward, I spent a considerable amount of time discussing plans to commemorate the centenary of the outbreak of World War I. I think it is safe to say that this will be the major collecting theme of 2014 and beyond with coins expected from the UK, Australia, New Zealand, Canada and even many of the occupied countries.
We look forward to being able to tell you more about these and many more important issues over the coming months.
Over 150 years since it was introduced, in a dramatic move, the Canada Government has announced plans to discontinue its one-cent coin – known colloquially as the penny – after revealing it has become too expensive to produce and ‘ worthless’ as a currency.
“No currency as a currency”
Inflation has eroded the penny’s purchasing power by around 95% over the years, and the price of the copper has risen more than 330% since 2000 so each cent costs around 1.6 cents to produce. Scrapping the penny will save an estimated $11million Canadian dollars (£6.9 million) a year according to the Canadian Government.
Canadian Finance Minister Jim Flaherty explains, “The time has come to make the sensible decision to end production of the coin which is underused by Canadians, no longer vital to commerce and ultimately a burden on Canada’s balance sheet.”
Phasing out the penny
It’s estimated there are upwards of 20 billion pennies in circulation which they will remain legal tender but become largely redundant over time. Companies and retailers have already been told to begin rounding up or down to the nearest nickel (five cents).
55% of Canadians agree
A recent poll suggested over half of Canadian are in favour of ditching the penny. It’s hoped that phasing out the penny will not have any detrimental effect on inflation. Similar systems implemented in Australia and New Zealand have caused no major problems.
Pennies themselves will continue to hold their cash value, so Canadians can always trade them in at banks, who can then return them for recycling into their original metals.
The changing face of the coin world
The loss of the coin is a blow to world coin collectors everywhere, but that loss is part of what makes the world coin collecting so interesting – designs change, new coins come into existence and some coins will inevitably disappear.
To mark the end of an era, the Royal Canadian Mint has produced a range of commemoratives, which include the
Silver $20 ‘Tribute to the Penny’ and a Set of five Canadian one cent coins also in pure silver.