Canadian gold $10 coins are the first wholly Canadian gold coins, struck for just a few years between 1912 and 1914 at the Ottawa branch of the Royal Mint.
Hundreds of thousands of these .900 gold coins were hoarded by the Bank of Canada for 75 years and only hit the market in 2012 as part of a large-scale sale of the Bank's reserves.
Regarded as one of the most beautiful Canadian coins ever struck, these pieces are a key addition to any serious collection of 20th-century gold and represent an interesting chapter in the history of Canadian currency.
What Is A Canadian Gold $10?
Canadian gold Ten Dollar coins are historic Canadian coins, originally struck in 16.72 grams of .900 gold with copper added to strengthen the alloy. These coins were issued only in 1912, 1913 and 1914, during the reign of King George V and before Canada became an independent dominion of the British Empire. They were authorised under the Currency Act of 1910, which called for $2.50, $5, $10 and $20 coins, though only the $5 and $10 were ever issued.
The $10 coin, alongside a $5 coin, was produced at the Ottawa branch of the Royal Mint, which would eventually become part of the Royal Canadian Mint. The $10 was struck concurrently with Canadian gold Sovereigns, produced in Ottawa between 1908 and 1919 with a distinctive 'C' mintmark.
The gold used to make Canadian $10 coins initially came from the Klondike region, where the precious metal had been discovered in the last years of the 19th century. Canadian gold reserves were later bolstered by the Porcupine Gold Rush, which took place in Northern Ontario and supplied the gold for later Ten-Dollar coins.
Crowned Portrait Of George V
The obverse of Canadian $10 gold coins features the crowned portrait of King George V, designed by distinguished Australian sculptor Sir Edgar Bertram Mackennal (1863-1931).
While all UK coins from George V's reign feature an uncrowned bust of the King, many colonial coins, including those from South Africa and Australia, display the crowned head-and-shoulders bust, depicting the monarch in his coronation robes and wearing a royal crown.
The inscription reads 'GEORGIVS V DEI GRA: REX ET IND: IMP:', which translates from the Latin as 'George V by the Grace of God, King and Emperor of India'.
Shield And Maple Leaf Reverse
The reverse was designed by William Henry James Blakemore (1871-1945), who was an engraver and medallist at the central London branch of the Royal Mint. Blakemore produced numerous master dies for British and early Australian coinage and had a long career with the mint.
His design features a complex coat of arms that combines the emblems of Ontario, Quebec, New Brunswick, and Nova Scotia, as granted by Queen Victoria in 1868. This quartered shield is surrounded by a spray of maple leaves: Canada's national symbol. The word 'CANADA' appears above, and 'TEN DOLLARS' is shown below with the date positioned just above.
Many collectors of gold coins regard Blakemore's design as one of the most beautiful ever struck on Canadian currency.
WHJ Blakemore's reverse for the gold $10 is regarded as one of the most beautiful ever struck on Canadian coinage.
The Bank Of Canada Hoard
The outbreak of the First World War in August 1914 meant that production of Canadian gold $10 and $5 coins was halted. While a few of these coins appear to have circulated, the majority of the issue became part of Canada's gold reserves, which were accumulated to help finance the war effort.
By the 21st century, some 245,000 of these gold coins were stored at the Bank of Canada as part of the Government of Canada's Exchange Fund Account. In 2013, a hand-selected group of the highest-grade examples of each denomination was sold in collaboration with the Royal Canadian Mint. This included 18,950 single gold $10 coins from 1912, 1913, and 1914, as well as three-coin sets, single gold $5 coins, $5 sets, and six-coin complete sets, limited to one per household. The profits of this sale were returned to the Exchange Fund.
Since these coins had been stored in a bank vault since their manufacture, many high-grade examples were sold as part of the divestment. The remaining 215,000 coins were melted down, limiting the stock of gold $10 and $5 coins available to numismatists and investors.
'The Bank of Canada is proud to have safeguarded these national treasures for over 75 years and we are pleased that they have returned to the Mint so that Canadians can collect them as precious historical objects. 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, then Governor of the Bank of Canada
Many examples of Canadian gold $10 coins from the Bank of Canada's stash may be found with special NGC labels bearing the words 'Bank of Canada Hoard' or 'Canadian Gold Reserve' on PCGS-graded coins. Even without the label, however, the vast majority of gold Ten Dollars seen at auction or available through coin dealers originate from the Bank of Canada and Royal Canadian Mint sale.
Canada Gold $10 Coin Mintage Figures
These gold coins were only produced for three years, with recorded mintage figures varying significantly.
| Coin | Mintage |
| 1912 Canada Gold $10 | 74,759 |
| 1913 Canada Gold $10 | 149,232 |
| 1914 Canada Gold $10 | 140,068 |
Since the vast majority of gold $10s were melted down, it's difficult to determine exactly how many of each date remain. As 1914-dated Ten Dollar coins attract a slightly higher premium, it's likely that there are somewhat fewer of these on the market.
Further Reading
Canadian Coin News. 'Mint Unleashes Bank Of Canada Gold Holdings'. 29 August 2013.
Frequently Asked Questions
Canadian gold $10 coins were only minted between 1912 and 1914 and in limited quantities. Pieces from the Bank of Canada hoard can attract premiums above their current gold value, which is based on the 16.7 grams of .900 gold that these scarce coins contain.
