Canadian Silver Dollars – Royal Canadian Mint Issues
Unfortunately for collectors, Canada fazed out silver coin production in the late 60s, just as coin collecting was reaching a peak in popularity. At this time, many mints around the world were starting to produce special coins that were not for circulation, but sold at a premium to the face value, in deluxe packaging directly to collectors.
The RCM (Royal Canadian Mint), finally got on board in a regular way in 1971 by issuing a special silver dollar for the British Columbia Centennial.The coin is of similar size to the old circulating silver dollars (1967 and before), but was produced in only 50% silver instead of 80% for the old ones. Housed in a nice black rectangular box with a outer cardboard protector, it certainly made a nice gift. Issue price was only $3, which was affordable to the public...but also insured a large profit for the mint since there was only about 55 cents worth of silver at the time.
The dollar was very popular...in fact over 585,000 were sold in 1971 alone. Throughout the 1970s a new design was made for each year on the same sized coin, and millions were sold. In the late 1970s the price of silver was rising rapidly, and price adjustments needed to be made. By 1980 the issue price had risen from $3 to $22 to try to keep up with inflation.
In 1981 the mint began striking a better quality Proof coin. This differs from previous dollars in that the coin is struck more than once, to give a frosted appearance on the higher points of the coin. The proofs were sold at a slightly higher price than the original finish (both were offered).All Canadian silver dollars from this point on were struck in proof, and in certain years a nonproof was also offered.
In 1992 the mint increased the silver content of each coin to 92.5% from 50%, and most years from that point on are at least 92.5%. In recent years some issues have even been produced in 99.9%.
Today, the issue price for 2012 is around $60...so this is an affordable series that it is possible to collect.With over 40 years of coins, a large variety of themes, and interesting art, it is a great way to start in the hobby. Since most coins were issued in capsules, they are almost always in new condition (with the exception of some toning), so needing to understand coin grading is not a problem...like it would be with the older coins.
Many collectors who buy one of each will remove the coins from the boxes, and make displays in trays or albums.They are a really nice looking set when assembled together.
Feel free to call or email us if you have any questions.