A Guide to Canadian Maple Leaf Gold Coins and Its History
The Canadian Maple Leaf Gold Coin is one of the world's most recognized and sought-after gold bullion coins. As one of Singapore's premier bullion dealers since 2009, we have seen countless clients buying the Canadian Maple Leaf, citing its innovative design, high purity, and international recognizability as reasons for their choice. Is there more to be known about this iconic gold bullion coin? Well, yes and if you are a fan of Canadian Maple Leaf Coins, we hope that our research into the history and details of this coin will deepen your appreciation of your Gold Maple Leaf.
History of the Canadian Maple Leaf Gold Coin
The Royal Canadian Mint (RCM) introduced the Canadian Maple Leaf Gold Coin in 1979 to meet the growing demand for a reliable and high-purity gold bullion coin. At the time, the 1967-minted South African Krugerrand Gold Coin dominated the gold market, accounting for approximately 90% of global gold coin sales. However, increased criticism due to the South African apartheid regime led to the Krugerrrand's falling popularity and sales.
Impact of South African Krugerrand Boycotts
The apartheid regime in South Africa, which institutionalized racial segregation and discrimination, faced widespread condemnation from governments, organizations, and activists worldwide. The Krugerrand became a visible and profitable export for South Africa’s economy. Activists argued that purchasing Krugerrands indirectly funded the apartheid government, as profits from gold exports were critical to sustaining the South African economy and its policies.
In March 1977, various organizations staged protests against the Krugerrand to mark the 1960 Sharpeville Massacre in South Africa. These efforts included picketing outside coin shops that sold the coins. The United Methodist Church also made a more prominent statement by publishing an anti-Krugerrand advertisement in the Detroit Free Press in December 1976.
By utilizing a mix of lobbying and public demonstrations, activists successfully persuaded several city councils in the U.S. to approve resolutions discouraging residents from purchasing Krugerrands. This wave of opposition led Merrill Lynch to cease all sales of the coins in January 1978. Fearing negative repercussions from these activists and organizations that support them, other banks followed suit to suspend the selling of Krugerrands and loans to the South African government. Many investors gradually avoided Krugerrands due to the coin's association with the apartheid regime.
Introduction of the Canadian Gold Maple Leaf Coin
The boycotts led to dwindling import and availability of Krugerrand gold bullion coins despite growing global demand for high-quality bullion coins. Additionally, mining companies advocated the creation of a private investment coin utilizing Canada's vast gold resources. The Royal Canadian Mint (RCM) seized the opportunity to create an alternative gold bullion coin to the Krugerrand and introduced the first Canadian Maple Leaf Gold Coin in 1979.
The Gold Maple Leaf's first issue was a one-troy-ounce coin with 99.9% gold purity, designed by Arnold Machin and engraved by Walter Ott. It was the first 24-carat bullion coin in the world. As the RCM's refining process improved, Maple Leaf Gold Coins were struck with 99.99% purity from 1982. In the same year, the Mint launched the quarter-ounce and one-tenth-ounce versions of the coin.
The Comprehensive Anti-Apartheid Act of 1986 banned bank loans, new investment, and technology exports to South Africa, as well as the sale of South African Krugerrand in the United States. As a consequence, the production and sales of the Krugerrand dropped dramatically from more than two million in 1984 to just over 21,000 in 1986. In response, other gold bullion coins such as the Canadian Maple Leaf, Chinese Panda, American Eagle, and Austrian Philharmonic emerged to meet the global demand.
The Canadian Maple Leaf Gold Coin's 99.99% fineness, compared to the Krugerrand's 91.6% purity, and its availability to international markets quickly made it a popular choice among gold investors worldwide.
Design of Canadian Maple Leaf Gold Coins
The Canadian Maple Leaf gold coin features a highly recognizable design that symbolizes Canada's national identity and rich natural heritage. The gold and silver maple leaf coins have similar obverse and reverse designs depending on the year of issue.
Coin Obverse
Between 1979 to 2023, the coin's obverse displays the image of Queen Elizabeth II. Due to the Queen's long reign, the monarch's effigy was updated several times to reflect her graceful ageing. For example, the portrait used on coins minted between 1979 and 1989 showed the Queen at age 39, the image from 1990 to 2004 showed her at age 64, and the final portrait between 2005 and 2023 was the Queen at age 79.
With the Queen's passing in September 2022, the image of King Charles III is now on the coin's obverse.
Apart from Arnold Machin, who was British and designed the Queen's first portrait, the subsequent portrait designers were Canadians: Dora dePedery Hunt (1990 to 2004), Susanna Blunt (2005 to 2023), Steven Rosati (2024 to present).
The initials of effigy designers are found at the base of monarch images starting from 2004 coin issues. For example, Canadian artist Susanna Blunt designed the royal effigy between 2005 and 2023, and her initials 'SB' are found at the base of Queen Elizabeth II's image released during that period. King Charles III's image from 2023 engraves the artist Steven Rosati's initials 'SR'.
Above the effigy is the reigning monarch's name, and below it is the bullion coin's legal tender value and year of issue. The legal tender value of the Canadian Gold Maple Leaf has remained '50 dollars' since its inception in 1979. Gold Maple Leaf bullion coins are recognized as legal tender in Canada, as outlined in Part 1 of the schedule to the country's Currency and Exchange Act.
Coin Reverse
The reverse side of the Canadian Maple Leaf gold coin also shows a high level of artistry. The large, central maple leaf is carefully engraved with veins and details that emphasize its natural beauty, making each coin a small work of art.
Surrounding the maple leaf, the coin's inscriptions include its weight (e.g. 1 oz), purity - 999 for issues between 1979 and 1982 and 9999 fine gold for post-1982 coins. The text 'or pur' is French for "pure gold." The word "Canada" appears at the top.
Occasionally, Canadian Gold Maple Leaf Coin versions are released with unique privy marks as a distinguishing feature on the coin's reverse. For example, the 1999 Maple Leaf Gold Coin bears a special '20 YEARS ANS' privy mark to commemorate the 20th anniversary of the coin's minting. In 2022, the RCM released a Maple Leaf Gold Coin with a privy mark of a globe-cradling hand, indicating that the coin was produced from a single-source mine.
Anti-Counterfeiting Security Features
Since 2013, anti-counterfeiting security features have been introduced on the reverse side of the coin. One of the most prominent features is the radial line pattern on both sides of the coin. These ultra-fine lines are precisely machined to create a unique light-diffracting effect that is incredibly difficult to replicate. Combined with the coin's distinctive micro-engraved laser mark, found beneath the large maple leaf on the reverse, these features add an extra layer of verification. The laser mark includes a small maple leaf containing the coin’s production year, visible only under magnification, offering quick and reliable authentication for collectors and investors.
Another key innovation is the Royal Canadian Mint's proprietary Bullion DNA (Digital Non-Destructive Activation) technology. This system pairs the coin's micro-engraved laser-mark with a digital verification process. Authorized dealers and distributors can use a specialized scanner to verify the coin's authenticity by comparing the micro-engraved mark against the Mint's secure database.
Sizes and Denominations of Canadian Maple Leaf Gold Coins
Canadian Maple Leaf Gold Coins are available in five standard sizes and denominations and are produced for annual mass circulation.
| Bullion Coin Size | Minted Since | Face Value |
|---|---|---|
| 1 oz. | 1979 | C$ 50 |
| 1/2 oz. | 1986 | C$ 20 |
| 1/4 oz. | 1982 | C$ 10 |
| 1/10 oz. | 1982 | C$ 5 |
| 1/20 oz. | 1993 | C$ 1 |
In 1994, the Mint released a 99.99% pure 1/15 oz. Gold Maple Leaf Coin with a face value of C$ 2 and a limited mintage of just 5,493.
In May 2007, a 1 oz. Gold Maple Leaf with 99.999% purity was produced with a legal tender face value of C$ 200, popularly referred to as "99999 maples" or "five nine maples." Only 30,848 of these high-purity gold coins were produced. In the same year, the Mint also revealed a 100 kg coin with the same design as the five nine maple coin, making it one of the largest gold bullion coins in the world. Affectionately called the "Big Maple Leaf," this coin also had 99.999% fineness. It had a face value of C$ 1 million and six pieces were produced.
Where Are Canadian Gold Maple Leaf Coins Minted?
The Canadian Gold Maple Leaf Coins are primarily produced at the Royal Canadian Mint's headquarters in Ottawa, Ontario. This facility is responsible for minting the majority of Canada's numismatic and bullion coins, including the Gold Maple Leaf series.
In certain instances, special editions of these coins have been struck at the Mint's facility in Winnipeg, Manitoba. For example, a 2021 special edition featured a "W" mint mark, indicating its production at the Winnipeg location. However, such editions are exceptions, with the Ottawa facility handling the standard production of Gold Maple Leaf Coins.
Canadian Maple Leaf Gold Coin Packaging
Canadian Maple Leaf Gold Coins are packaged in plastic coin tubes of ten pieces direct from the Mint. Each tube has a red cover emblazoned with the RCM logo.
When received from the Mint, these coin tubes are packaged in a 500-coin (or 50-tube) monster box that is strapped to ensure that the box is unopened while en route from the Mint to the bullion dealer.
Are Canadian Maple Leaf Gold Coins a Good Investment?
Canadian Maple Leaf Gold Coins can be a good investment if you have decided to add physical gold to your portfolio. From our experience as bullion dealers, they are probably the most popular gold bullion coin in the world. Our local and international clients buy more Canadian Maple Leaf Gold Coins than other sovereign-minted gold coins, a trend that is still consistent today. It is a strong testament to the international recognizability of the Gold Maple Leaf and the high level of trust in the Royal Canadian Mint's gold products.
Being recognized worldwide also means that the Gold Maple Leaf is highly liquid and that you have many potential buyers for your coin should you plan to sell it someday. This liquidity of the Gold Maple Leaf inadvertently incentivizes buyers like bullion dealers to buy back Maple Leaf Gold Coins at competitive prices, given their high demand.
The innovative anti-counterfeiting security features designed into Gold Maple Leaf coins of the latter years also show the innovativeness of the Royal Canadian Mint and its commitment to improving the coin's design, keeping with the times. With sovereign mints producing different pure gold coins, the RCM's products stand out given that their innovativeness inadvertently conveys care in the quality of their gold products, giving gold investors peace of mind preserving wealth with the Gold Maple Leaf coin.
Buy Gold Maple Leaf Coins Safely From Reputable Bullion Dealers
When purchasing Canadian Maple Leaf Gold Coins, choosing a reputable bullion dealer is your first line of defence in ensuring that you buy genuine Gold Maple Leaf coins. Reputable dealers are authorized distributors of the Royal Canadian Mint or obtain their stocks from reputable bullion wholesalers, ensuring that every coin is genuine.
Silver Bullion is one of the largest bullion dealers in Singapore. Founded in 2009, we have a bullion retail store at Millenia Walk, allowing easy access for clients to buy investment-grade precious metals over the counter and enquiring about bullion storage and our P2P Bullion Secured Loan Program. Our experienced staff can assist you in your Gold Maple Leaf purchase. Moreover, you can request that your gold coins be weighed and tested via an Electrical Conductivity Measurement test to give you peace of mind that your purchase is genuine.
Alternatively, you can buy and store Canadian Maple Leaf Gold Coins in our The Safe House vault at The Reserve. Bullion stored under our S.T.A.R. Storage Program is fully insured and guaranteed genuine. You also have the option to use your stored precious metals as collateral to obtain loans on our P2P Bullion Secured Loan Program, allowing you to unlock capital from your stored assets.
If you are convinced that the Maple Leaf Gold Coin is a good investment for your portfolio, read our guide 'How to Safely Buy Gold Coins: A Guide for Investors' to learn more about gold investing.