Royal Canadian Mint

Royal Canadian Mint

The Royal Canadian Mint (French: Monnaie royale canadienne) produces all of Canada's circulation coins, and manufactures circulation coins on behalf of other nations. The Mint also designs and manufactures: precious and base metal collector coins; gold, silver, palladium, and platinum bullion coins; medals, as well as medallions and tokens. It further offers gold and silver refinery and assay services.

The Royal Canadian Mint is a Canadian Crown Corporation, and operates under the legislative basis of the Royal Canadian Mint Act. As a Crown Corporation, it is 100% owned by the Government of Canada, which is its sole shareholder. It also serves the public’s interest while mandated to operate “in anticipation of profit”, meaning that it functions in a commercial manner and does not rely on taxpayer support to fund its operations. Like private sector companies, the Mint has a Board of Directors consisting of a Chair, the President and CEO of the Mint and eight other Directors.

Traditionally, the President of the Royal Canadian Mint is known as the Master of the Mint. The current president is Ian E. Bennett, who was appointed to the position in June 2006 and was re-appointed to a further three-year mandate effective June 12, 2011. The Board of Directors, through the Chair, is accountable to the Minister of Finance (Canada). The Minister serves as the link between the Mint, Cabinet and Parliament.

The Mint was named one of “Canada’s Top 100 Employers” by Mediacorp Canada Inc. for four consecutive years (from 2007 to 2010).

In March 2012 the Mint decided to cease the production of pennies. The final penny was minted at the RCM's Winnipeg, Manitoba plant on the morning of May 4, 2012.

In April 2012, the Mint announced that it was developing MintChip, a digital currency to allow anonymous transactions backed by the Government of Canada and denominated in a variety of currencies.