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Hundreds of coin fanciers dropped by the Royal Canadian Mint in Ottawa on Tuesday to swap the nickels, dimes, quarters, loonies and toonies in their pockets for a set of shiny new ones bearing the likeness of Canada’s new monarch.
But don’t expect any of them to go spending the new coins on their morning coffee.
The first of the new coins with the effigy of King Charles replacing that of his mother Queen Elizabeth, who died in September 2022, was struck last month. His accession marked the first time in 70 years that a new monarch has graced Canadian currency.
The public coin exchange, held in the mint’s boutique on Sussex Drive, marked the first time the newly struck coins have entered into circulation.
For $3.40 cash, customers received one of each of the new coins in a small manilla envelope, one set per customer while supplies lasted.
Collectors excited
Among the first in line was John Brown, whose father was once deputy master and production manager at the mint.
“I like to get the first ones that are out,” said Brown, who considers himself a collector. “They say these are circulation coins, but good luck getting them from a bank or in change or something like that. People are going to grab them and keep them.”
Narayan Baril wasn’t taking any chances either. The fast food restaurant employee said he sometimes combs through the till at work looking for interesting coins, and has collected all kinds.
But he knows it’s unlikely these ones will be showing up in anyone’s loose change anytime soon.
“It’ll be interesting to see when they’re in full circulation, but for now they’re kind of cool and rare and special. They’re just fun to own them before they become mass-produced,” he said.
The mint announced last month that following the release of a limited volume of the coins in public exchanges like the one held in Ottawa, production would then be geared toward “meeting new market demand through the national coin management system.”
A ‘little piece of history’
Alex Reeves, the mint’s senior manager of public affairs, said for collectors, history buffs and avid monarchists alike, having the opportunity to get their hands on some of the first new coins in circulation is a big deal.
“People really like the portrait, and they’re excited that they have this brand new coin in their hands. It’s special,” Reeves said. “I don’t know how many of these coins will be made, but it’s pretty neat to get your hands on one now.”
The mint has already produced non-circulation sets for collectors, Reeves said, as well as sets of the last strikes bearing Queen Elizabeth’s portrait and a special black-ringed coin marking her death.
There’s another notable difference: While her effigies always faced right, his faces left, following the tradition of alternating profiles whenever a new monarch ascends to the throne.
The contemporary effigy of King Charles was designed by Steven Rosati, a Canadian portrait artist and member of the Portrait Society of Canada.
“I wanted to have just that little piece of history,” said Annette Cunningham, who raced down to the mint on her lunch break to get a set of the new coins.
Cunningham, who considers herself a “quasi-collector,” thought her grandkids or great-grandkids might value them some day.
“The Royal Canadian Mint does just such a great job. They’re beautiful, beautiful coins made here.”
In the meantime, the mint says all Canadian coins remain legal tender, so both monarchs are expected to remain in circulation for many years to come.
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