World bullion coins are incredibly popular among collectors and investors. From silver to gold to platinum and more, many collectors flock to the annual releases just like they would the American Eagle programs from the United States. However, that has not always been the case as the release of the gold bullion coin in 1967 captivated not only the country it originated from, but the world as interest peaked from every corner. Up next in our journey following along with Whitman Publishing’s 100 Greatest Modern World Coins series, we look at a bullion option that started as a trial but ended up being a permanent fixture in today’s gold bullion market. As always, authors Charles Morgan and Hubert Walker will be our guides.
#66 – Canada 1979 Gold Maple Leaf
The debut of the 1967 South Africa Krugerrand gold bullion coin occupied the world’s attention and gave investors a new metal to add to their gold portfolios. A few short years after its release, the United States, Soviet Union, and the International Monetary Fund (IMF) all became net sellers of gold and ended up contributing millions of ounces of gold into the market. However, the price of gold would continue to climb as it averaged $38.90 an ounce in 1970 to $183.77 in 1974.
Gold producers were looking for a way to compete with the Krugerrand and Canada was one of the first to step into the ring. Canada would lobby Parliament and use Canadian-produced gold---something that would go over well with collectors and investors instead of purchasing from South Africa and their Apartheid government. They also sought to cater to the United States in addition to Canada as gold bullion would only become legal to own in the United States in 1974. By 1976, the Canadian Parliament would approve the plan to strike gold bullion coins, a .999 fine one-ounce gold “Maple Leaf.” This was to happen on a three-year trial basis.
As it can be inferred, the program was by all means a success. By 1981 and the end of the three-year period, the continuation of the program was authorized. By 1988, the silver Maple Leaf would be added to Canada’s bullion coin program.