In 1912, the Royal Canadian Mint in Ottawa struck Canada’s first domestically produced gold coins: a $5 and a $10 piece made from 90% Canadian-mined gold. Production lasted only three years before the First World War forced an end to gold coinage. Today these coins are prized for their historical significance, their gold content, and the remarkable story of a quarter-million coins sealed in a Bank of Canada vault for eight decades.
Coin Specifications
Both denominations share the same obverse portrait of King George V by Sir Edgar Bertram Mackennal (identified by the initials “B.M.” on the truncation) and the same reverse design of the Canadian coat of arms by William Henry James Blakemore. Contemporaries described Blakemore’s $10 reverse as the “most beautiful ever struck on Canadian coinage.”
The Designers
Obverse: Sir Edgar Bertram Mackennal (B.M.), the Australian-born sculptor who also designed the George V coinage for the United Kingdom and all other Dominions.
Reverse: William Henry James Blakemore (W.H.J.B.), a British engraver who also designed the reverses for the George V 10¢, 25¢, and 50¢ pieces, as well as the Newfoundland 1¢ reverse (1904–1909).
Mintage by Year
$5 Gold (KM#26)
| Year | Mintage | Gold Source | Notes |
|---|---|---|---|
| 1912 | 165,680 | Klondike region | First Canadian gold coin. Klondike gold. |
| 1913 | 98,832 | Ontario | Ontario gold. |
| 1914 | 31,122 | Ontario | Lowest mintage. Last year — WWI halted production. |
$10 Gold (KM#27)
| Year | Mintage | Gold Source | Notes |
|---|---|---|---|
| 1912 | 74,759 | Klondike region | Lowest $10 mintage. Klondike gold. |
| 1913 | 149,232* | Ontario | Highest $10 mintage. |
| 1914 | 140,068 | Ontario | Last gold coin minted in Canada until 1967 Centennial. |
*The 1913 $10 mintage is subject to minor source discrepancies: Charlton lists 149,232; coinscatalog.com shows 149,200; Golden Eagle reports 149,750.
Gold source matters. The 1912 coins were struck from gold mined in the Klondike region of the Yukon, still famous from the 1896–1899 Gold Rush. By 1913, Ontario had overtaken the Yukon as Canada’s primary gold-producing region, and the remaining coins were struck from Ontario gold. For collectors who care about provenance, the “Klondike gold” distinction makes the 1912 dates especially appealing.
The Bank of Canada Hoard
The most remarkable chapter in the story of Canada’s first gold coins took place not in a mine or a mint, but in a bank vault. Since the 1930s, the Bank of Canada had stored approximately 245,000 Canadian $5 and $10 gold coins from the 1912–1914 series deep in its Ottawa vault. For nearly eight decades, this enormous hoard sat untouched.
On November 28, 2012 — the centennial of the first Canadian gold coins — the Bank of Canada announced it would release 30,000 coins to the public through the Royal Canadian Mint. The remaining 215,000 coins were melted down.
“Though precious metal coins are no longer part of daily commerce, Canada’s first gold circulation coins endure as important symbols of our nation’s proud heritage.”
— Mark Carney, Governor of the Bank of Canada (2012)
Sale Products & Pricing
The 30,000 coins were offered in five product tiers, ranging from premium museum-quality sets to individual coins in vinyl clamshells. Sales were limited per household to ensure broad access.
| Product | Qty Available | Price | Packaging | Limit |
|---|---|---|---|---|
| Premium Hand-Selected 6-Coin Set | 140 sets | $12,000 | Maple wood case + original vault bag/tag | 1 per household |
| Premium Hand-Selected $5 Single | 291 | $875 | Wooden clamshell + COA | — |
| Premium Hand-Selected $10 Single | 4,869 | $1,750 | Wooden clamshell + COA | — |
| Hand-Selected $5 Single | 5,050 | $500 | Vinyl clamshell + COA | 3 per option |
| Hand-Selected $10 Single | 18,950 | $1,000 | Vinyl clamshell + COA | 3 per option |
The 1912 $10 Premium exception. The 1912 $10 gold coin in Premium Hand-Selected quality was available exclusively in the 6-Coin Set (140 sets at $12,000). It was not sold as a standalone Premium single. Given that 1912 is the lowest-mintage year for the $10 denomination (74,759 struck), this makes the Premium 1912 $10 the scarcest Bank of Canada hoard product.
Why These Coins Matter
Canada’s $5 and $10 gold pieces hold a unique place in numismatic history for several reasons:
- First and only pre-war Canadian gold. No gold coins were struck for circulation in Canada before 1912, and none were struck again until the Gold Sovereigns ended and the 1967 Centennial gold coin appeared — a gap of 53 years.
- Canadian-mined gold. Unlike British sovereigns (which also circulated in Canada), these coins were struck from gold mined on Canadian soil — first from the legendary Klondike, then from Ontario.
- The war factor. The outbreak of World War I in August 1914 abruptly halted gold coinage. The 1914 $5 (31,122 struck) is the key date of the series.
- The hoard effect. The Bank of Canada vault hoard preserved tens of thousands of coins in exceptional condition. Paradoxically, the 2012 sale made high-grade examples more available while the melting of 215,000 coins permanently reduced the total surviving population.
Grading & Collecting Tips
When collecting Canada’s first gold coins, condition is paramount. Key areas to examine include:
- Obverse high points: The cheekbone, beard, and crown detail of King George V are the first areas to show wear.
- Reverse high points: The crown atop the coat of arms and the shield’s quartered details wear first.
- Lustre: Bank of Canada hoard coins often retain full mint lustre — look for original cartwheel effect under a light.
- Contact marks: Coins stored in bags for decades typically show bag marks. Premium Hand-Selected examples were cherry-picked for minimal contact marks.
For a detailed explanation of the Sheldon grading scale and how to submit coins for professional authentication, see our Coin Grading Guide.
Certification matters. Both PCGS and NGC recognize the Canadian $5 and $10 gold coins. Slabbed examples in MS-63 and above command significant premiums over raw coins. If you own a Bank of Canada hoard coin in its original packaging, the COA and vault provenance add additional collector value.
Melt Value Reference
Because these coins are 90% gold (0.900 fineness), their melt value is determined by their actual gold weight (AGW) multiplied by the current spot price of gold. The copper content adds negligible value.
| Denomination | Total Weight | Actual Gold Weight | Fineness |
|---|---|---|---|
| $5 (KM#26) | 8.36 g | 0.2419 oz | .900 |
| $10 (KM#27) | 16.72 g | 0.4838 oz | .900 |
The Canadian Coin Heads app calculates live melt values for both denominations based on real-time gold spot prices, updated every 15 minutes.
Related Series
- Canadian Gold Sovereigns
- British gold sovereigns struck at the Ottawa branch mint (1908–1919). While these circulated in Canada before and alongside the $5/$10 gold pieces, they were technically British coins bearing the “C” mint mark rather than distinctly Canadian denominations.
- Gold Maple Leaf
- Canada’s modern gold bullion series, produced annually since 1979. The Gold Maple Leaf was the spiritual successor to the 1912–1914 gold coins — the first Canadian gold coinage in over six decades.
- 1967 Centennial
- The 1967 Centennial set included a $20 gold coin — the first Canadian gold coin struck since 1914. Designed by Alex Colville, it marked the return of gold to Canadian coinage after a 53-year hiatus.
Sources
- Royal Canadian Mint — Bank of Canada hoard sale details, product tiers, and pricing (2012)
- Coins and Canada — Mintage figures, specifications (KM#26, KM#27), die varieties
- Charlton Standard Catalogue of Canadian Coins — Definitive mintage figures and pricing
- PCGS CoinFacts — Population reports and auction records
- Bank of Canada — Mark Carney quote, vault hoard history, sale announcement
- Golden Eagle Coins — Alternate mintage figure for 1913 $10 (149,750)
- Coins Catalog — Alternate mintage figure for 1913 $10 (149,200)
Guide compiled for educational purposes by Canadian Coin Heads from the sources cited above. Prices and mintage figures are historical references and may not reflect current market values. This is not financial or investment advice.
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