News from December 2009
The RCM talk about the gold story
Monday, December 21, 2009
Documents de la Monnaie royale canadienne
- Royal Canadian Mint Precious Metals Reconciliation Report
- Frequently Asked Questions
- Mint at a glance
- Background information: Refining gold at the Royal Canadian Mint
The Royal Canadian Mint today released findings of third party reviews which fully accounts for the difference between the Corporation's stock keeping records and the physical amount of precious metals on hand for the 2008 fiscal year.
Last month, the RCMP concluded their investigation and established that no theft of gold occurred at the Mint. Today, I am pleased to announce that following extensive and thorough reviews, all precious metals for 2008 have been accounted for. I would like to thank employees for their patience as this important review process ran its due course, as well as our valued customers for their unwavering support.
Ian E. Bennett, President and CEO of the Royal Canadian Mint.
Based on recommendations in the June 2009 report by Deloitte and Touche which determined that the unreconciled difference of 17,500 ounces of gold was not the result of a 2008 accounting or transactional errors, the Mint engaged the following third parties to review specific aspects of its operations:
- Security and computer systems reviews - conducted by The Banks Group, the RCMP and Microsoft Services
- A technical and engineering review of its operations - conducted by IBI Group
- An accounting review of prior periods - conducted by Deloitte and Touche
The Banks Group conducted a comprehensive review of the Mint's physical security while Microsoft Services reviewed the Corporation's computer records and security protocol. They concluded that the unreconciled difference was not the result of criminal activities, either by theft, fraud or reasons relating to data manipulation of information technology systems. Furthermore, The Banks Group confirmed that there is no evidence of unauthorized removal of precious metals from the Mint. This finding was validated by the RCMP in November, which concluded that its thorough investigation into the matter did not support further effort in the continuance of a criminal investigation into this matter.
The technical and engineering review of the Mint's operations, undertaken by IBI Group accounted for the following amount of gold:
- Underestimate of physical gold on hand balance at the October 2008 count of slag by-products processed internally (5,400 ounces)
- Underestimate of gold consumed in by-products processed externally (3,600 ounces)
- Underestimate of gold in by-products consumed as part of internal refining process (350 ounces)
These amounts were further bolstered by an aggressive and thorough recovery program of the Mint's refinery buildings and equipment which recovered 1,500 ounces of gold accumulated within the facility.
Furthermore, the review of accounting procedures and transactions of prior periods by Deloitte and Touche identified 6,650 ounces that contributed to the overall discrepancy found in the October 2008 count.
The Mint's Board of Directors accepts the conclusions of these reviews and commends management for leading a detailed and conclusive examination. The additional checks and balances now put in place wil allow the Mint to continue to lead the minting industry as well as thrive in the months and years ahead.
James B. Love, Chairman of the Board.
The Mint's 2008 financial statements, which have been audited by the Auditor General of Canada, confirm that the Corporation recorded an unprecedented profit of $55.3 million compared to $23.8 million in 2007, a 133% increase. Every business line surpassed its annual targets, including the bullion and refinery business line, which exceeded all expectations due to the unprecedented demand for gold and silver products. Furthermore, the Mint recorded $1.4 billion in revenues for 2008 compared to $632 million from the previous year, a 120% increase.
Coin of the Year Nominees
Monday, December 21, 2009
American publishing company Krause Publications has announced the 2010 nominees for its prestigious Coin of the Year awards, to be presented at a ceremony in Berlin, Germany in January, 2010. The coins nominated were released in the year 2008, and represent the highest achievement in theme, design and marketing from mints and central banks from around the world.
A panel of judges including authors, editors, numismatists and members of American numismatic associations met to choose the following nominees from hundreds received from around the world.
These nominees will go on to be judged by a world-wide panel of mint and museum officials, journalists and individual experts, to chose a winner in each individual category and in the end, the final Coin of the Year.
Last year’s winner was a Mongolian silver 500-tugrik featuring a wolverine with diamond eyes. The theme of the coin was Wildlife Protection, and was created by Lichtenstein firm, Coin Invest Trust.
Most Historic Coin
- Kazakhstan - 100 Tenge silver, Genghis Khan
- Austria - 100 Euro gold, Crown of the Holy Roman Empire
- Canada - Five Dollars silver, Playing Card Money - Queen of Spades
- Hungary - 5,000 Forint silver, 100th Anniversary of the Birth of Edward Teller
- Poland - 10 Zlotych silver and glass, Polish Settlement of Jamestown
- Royal Australian Mint - 50 Cents, Centennial of Scouting
- B.V.I. - 25 Dollars gold-clad silver, 250th Anniversary of British Admiral Nelson
- Ukraine - 20 Hryvnia gold, Millennium of Mintage in Kiev
Best Contemporary Event Coin
- Poland - Two Zloty brass, 65th Anniversary of Warsaw Uprising
- Ukraine - 50 Hryvnia gold - Visit of Bartholomew I
- Israel - 10 New Shekel silver, Israel's Sixtieth Anniversary
- Denmark - 20 Kroner Aluminum Bronze, Sea Stallion
- Belgium - Five Euro silver, Smurfs
- Perth Mint- One Dollar silver, 1961 First Man in Space - Yuri Gagarin
- Falkland Islands - One Crown silver, 90th Anniversary of Royal Air Force
- Latvia - One Lats silver, 90th Anniversary of Statehood
- South Georgia & South Sandwich - Two Pounds silver, Oldest Reigning Monarch
Best Gold
- Ukraine - 50 Hryvnias, Swallow's Nest Castle
- Andorra - 25 Diners, Three Kings
- Latvia - 20 Latu, Coin of Latvia
- Canada - 75 dollars, Summer Moon Mask
- Perth Mint Australia - 50 Dollars, Discover Australia Porpoise
- China - 10 Kilograms, Olympic Gold Coin
- Denmark - 1,000 Kroner, Sirius Patrol
- Poland - 500 Zlotych, Golden Eagle
- USA - 10 Dollars, Louisa Adams First Spouse Coin
Best Silver Coin
- Andorra - 10 Dinar, Pierre-Auguste Renoir
- Belarus - 20 Rubles, Sedou Training Ship
- Latvia - One Lats, Good Luck Coin
- Austria - 20 Euros, Belle Époque
- Germany - 10 Euros, Franz Kafka
- United Arab Emirates - 50 Dirhams, Hamden Bin Rashed Award for Distinguished Academic Performance
- Japan - 1,000 Yen, 60th Anniversary of Local Autonomy Law Hokkaido
- Canada - One Dollar, Celebrating the Royal Canadian Mint Centennial
- British Antarctic Territories - 2 Pounds, 200th Anniversary of the Granting of Letters Patent
- Denmark - 500 Kroner, Danneborg Royal Yacht
Best Crown Coin
- Royal Australian Mint Australia - One Dollar, Australian Kookaburra
- Russia - 3 Rubles, 150th Anniversary of First Russian Stamp
- Austria - 10 Euro silver, The Abby of Klosterneuburg
- Lithuania - 50 Litu silver, St. Casimir
- Belarus - 20 Rubles silver, Princess Turandot
- Finland - 10 Euros silver, 90th Anniversary of Independence
- Isle of Man - 1 Crown silver, Prince Charles 60th Birthday
- Andorra - 10 Dinars silver, Viking Ship
- Lithuania - 50 Litu silver, Bee Coin
- Japan - 1,000 Yen, 60th Anniversary of Local Autonomy Law Shimane
Best Trade Coin
- Denmark - 20 Kroner, aluminum-bronze, First Diesel Ship Selandia
- India - 1 Rupee, stainless steel
- USA - 25 Cents, copper-nickel clad, Hawaii state quarter
- Great Britain - 20 Pence, Partial Shield
- Canada - 25 Cents, Poppy
- Cyprus - 2 Euro, bimetallic, Ancient Statue Cross
- Panama - ¼ Balboa, copper-nickel, Children's Hospital
Most Popular
- Isle of Man - 50 Pence, copper-nickel, Snowman Christmas Coin
- Canada - 25 Cents, nickel-plated steel, Anne of Green Gables
- USA - One Ounce silver, American Eagle
- South Africa - One Ounce gold, Krugerrand
- Austria - One Ounce silver, Philharmonic
- Royal Australian Mint Australia. - 25 Dollars gold, Square Kangaroo Dreaming
- Niue - One Dollar, colorized silver, Square Van Gogh
- Switzerland - 10 Francs bi-metallic copper nickel, National Park Golden Eagle
Most Artistic Coin
- Isle of Man - One Crown silver, Triangular King Tut Mask
- Canada - 15 Dollars silver, Edward VII
- Ukraine - 50 Hryvnia gold, Swallow's Nest Castle
- Italy - 5 Euro silver, 60th Anniversary of the Constitution
- Poland - 200 Zlotych gold, Warsaw Ghetto Uprising
- Germany - 10 Euro silver, Sky Disc of Nebra
- Belarus - 20 Ruble silver, Cuckoo
- Japan - 1,000 Yen silver, 60th Anniversary of Local Autonomy Law Kyoto
- USA - 100 Dollar platinum, Judicial Branch of Government
- Austria - 10 Euro silver, Abbey of Seckau
Most Innovative
- British Antarctic Territory - Two Pounds silver, 200th Anniversary of the Granting of Letters Patent
- Isle of Man - ½ Crown gold, King Tut Mummy Mask
- Poland - 10 Zlotych gold, Olympics
- Canada - Fifteen Dollars silver, Playing Card Money - Queen of Spades
- Perth Mint Australia- One Dollar silver, Landmarks Silver Series - Broome
- Austria - 25 Euros silver, Fascination Light
- Perth Mint for Cook Islands - One Dollar silver, 1961 First Man in Space - Yuri Gagarin
Most Inspirational Coin
- Austria - 50 Euros gold, Ignaz Philipp Sammelweis - Personal Hygiene Vienna Hospital
- Ukraine - 100 Hryvnia silver - Christianization of Kiev
- Canada - 2500 Dollars gold, Towards Confederation
- Lithuania - 50 Litu silver, Hill of Crosses
- France - 50 Euro, 150th Anniversary Lourdes
- USA - 50 Cents copper - nickel, Bald Eagle
- Finland - 2 Euro bimetallic, Human in Heart
- Estonia - 10 Krooni silver, 90th Anniversary of Independence
- Panama - ¼ Balboa copper-nickel clad - Breast Cancer Awareness
Coin toss not random: UBC researchers
Wednesday, December 16, 2009
Flipping a coin isn't nearly as random as people think and the outcome can be manipulated, researchers at the University of British Columbia have found.
In their study, 13 ear, nose and throat residents were each asked to toss a coin 300 times and told that the two who achieved the highest percentages of "heads" would get free coffee vouchers.
The participants were instructed in proper coin-flipping technique, and the results were observed and recorded to prevent cheating.
All the participants were able to toss more heads than tails. On average, heads came up 57 per cent of the time. The winner was able to get a heads outcome 68 per cent of the time.
This study shows that when participants are given simple instructions about how to manipulate the toss of a coin and only a few minutes to practise this technique, more than half can significantly manipulate the outcome.
- The researchers
Coin tosses are assumed to be random and impartial, the researchers said, and are sometimes used to decide which treatment patients get in clinical studies.
The study was published in the Canadian Medical Association Journal's annual "Holiday Review," which presents "research with a twist, humorous reflections, witty rants."
The forum has been updated
Monday, December 14, 2009
The forum has been updated with new security measures and new options. Also, the members' list has been cleaned. There's still some updates to do, but the bigger part is done. Enjoy!
Illustrated Reference Guide for 5 Cents Coins
Monday, December 14, 2009
This 230 page illustrated reference guide for 5 cents Canadian coins is dedicated exclusively to 5 cents coins from 1858 to 1936. It contains listings and images of many rare variety coins. A total of 406 different coins are listed, using nearly 700 images to illustrate 346 of them. Over 60 obverse images are also provided to assist with grading. All known coins are listed including pattern coins, replica coins, counterfeit coins, altered coins and counter stamped coins. This guide will also help you to quickly and easily recognize the many different obverses and reverses found on coins from 1858 to 1910, or to be able to recognize Replica coins that have been sold as authentic coins.
Illustrated Reference Guide for 5 Cents Coins of Canada Part I - First Edition
Canadian Tire 1-dollar coin
Friday, December 4, 2009
Canadian Tire is adding a $1 coin to the famous multicoloured bills considered by many as the country's unofficial second currency.
Canadian Tire Corp. announced Wednesday it will begin offering the new addition this weekend for a time-limited period. Customers will get the coin if they spend $25 or more.
Canadian Tire money, which debuted in 1958, can be used like cash at the retailer's stores and gas bars. It was previously available in denominations between five cents and $2, all stamped with the grinning image of Sandy McTire, the company's tam-o'-shanter bedecked and mustachioed fictional character.
The $1 coin will be manufactured at the Royal Canadian Mint, just like its official cousins, the loonie and the toonie.
Share Coins and Canada
Friday, December 4, 2009
It's now easier to share Coins and Canada on different social medias or just print some content, add a page to your bookmarks, etc. You can do it with the Share Tools on the top right of each page.
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