CoinWeek Staff Reports…
On Wednesday, the Royal Canadian Mint released its earnings statement for the third quarter of 2014. The Ottawa-based Mint reported persistent demand for numismatic and collector coins, but noted a 20 percent decline in sales of Silver Maple Leaf coins when compared to the third quarter of 2013. That year, the Royal Canadian Mint sold 6.7 million ounces worth of Silver Maple Leafs in the third fiscal quarter.
Sales of Gold Maple Leaf coins were down as well. The Royal Canadian Mint sold 137,000 ounces–a decline of 29.7 percent. By comparison, the Mint sold 195,000 ounces in the third quarter of 2013.
In a company press release, the Royal Canadian Mint explains the decline as a reflection of “investor sentiment away from physical assets to the equity markets.”
Despite the declines, demand for numismatic and collector coins continues to be strong, with revenue increasing 16.5 percent to $42.5 million in the 13 weeks ending September 27. This is up from $38.8 million in the same period in 2013.
The Royal Canadian Mint introduced 80 wsw coin products during the third quarter of 2014. The most popular coins were those that employed sophisticated minting techniques, such as the 1 ounce fine silver Red Trillium coin with Swarovski crystals.
The Royal Canadian Mint also saw a decline in its foreign coin and blank business. In the third quarter of 2014, the Mint supplied 402 million coins and blanks to nine client countries–almost 200 million lower than the Mint’s third quarter 2013 figure. Because of this, foreign business line revenue for the Royal Canadian Mint declined 24.3% to $13.1 million in 2014.
