Royal Canadian Mint
The Royal Canadian Mint (French: Monnaie royale canadienne) is a Crown corporation, operating under the Royal Canadian Mint Act. The shares of the Mint are held in trust for the Crown in right of Canada.
The Mint 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 Mint serves the public's interest but is also mandated to operate "in anticipation of profit" (i.e., to function in a commercial manner without relying 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 president is Marie Lemay, who was appointed to the position in 2018. The Board of Directors, through the Chair, is accountable to the Minister of Finance. 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. from 2007 to 2010.
In March 2012 the Canadian Government 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 it was developing MintChip, a digital currency to allow anonymous transactions backed by the Government of Canada and denominated in a variety of currencies.
Last Updated on: 2022-07-18