2005 Annual Report – "Thriving" - Royal Canadian Mint

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Summary of results: Revenue from Canadian circulation coins increased by 61.9% to 

$111.2 million from $68.7 million in 2004. Volume increased 10.2% to 1,519 million pieces 

from 1,379 million pieces in 2004, with the strongest demand growth for 25-cent, $1 and 

$2 coins. The increased revenues combined with the mix of coins produced �� 

and �� continued 

reductions in operating costs resulted in a 7.7% increase in seigniorage to �� 

$69.0 million in 

2005 compared ($ in millions) to $64.0 million in 2004. 

Explanation of results: Demand for the Mint’s �� 

circulation coins increased by 10.2% as the 

Canadian economy continued to experience strong growth �� 

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in every �� 

region of the country. 

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This growth, along with the inflation that accompanies economic growth, tends to stimulate 

demand for coins. Along with economic growth, evolving changes and expansion in retailing 

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have also increased the need for coins. At the same time, emerging e-payment technologies 

reduce the amount of coinage circulating in the country, therefore reducing �� 

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supply at a 

time when demand is increasing. 

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The Mint’s revenue is also driven by the ability to produce coins that capture the imagination 

of Canadians. During 2005, the Mint issued five special commemorative circulation coins 

in the second year of a multi-year program celebrating Canadian heroes, historical places 

and events: 

• $1 coin issued honouring Terry Fox and commemorating the 25th anniversary of his 

Marathon of Hope. 

��($ in millions) 

• The Victory Anniversary Nickel marking the 60th anniversary of the end of WWII. This 

special circulation ($ in millions) coin was a representation of the nickel ($ in millions) issued from 1943 to 1945 (millions to of pieces) 

promote the Canadian war effort. 

• Coins celebrating the Saskatchewan and Alberta centennials. For the first time in its history, 

the Royal Canadian Mint offered the public an opportunity to vote for a coin 

design. Over 50,000 Canadians cast a vote through the Mint’s website for designs created 

by artists representing each province. 

• A 25-cent Year of the Veteran coin honouring Canadian veterans and their decades of 

duty and sacrifice in World Wars I and II, the Korean War and more recent regions of 

turmoil, such as Afghanistan. 

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In order to meet growing demand and reduce costs, the Mint: 

• Expanded the plating capacity in Winnipeg from 3,000 metric tons to 7,000 metric tons 

and extended its capabilities to �� 

produce yellow coins. In 2006, the Mint will be able to 

(gross weight received 

produce the blank for the $1 Canadian coin. The expanded capacity will be used to meet 

in millions of troy ounces) the increased demand from Canadians and 

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foreign countries. 

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• Continued to improve the technologies and processes related to producing high �� 

volumes 

(thousands of �� 

ounces) 

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of �� 

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painted coins. Following the success of the 2004 Poppy coin, the Mint will issue (gross its weight �� 

receiv 

* excluding �� 

numismatic 

second coloured (US$ per ounce) coin in March 2006. This coin ($ will in millions) feature an improved colour-processing in millions of troy ou 

technology. 

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2005 Annual Report – "Thriving" - Royal Canadian Mint

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