The Maple Leaf Coin: Canada’s Prestigious & Symbolic Bullion

The maple leaf coin is the official bullion coin of Canada, minted at the Royal Canadian Mint in numerous sizes, though 1-oz options are most prevalent. The main types in the series are the gold maple leaf minted since 1979 and the silver maple leaf minted since 1988.

Gold and silver maple leaf bullion coins are the most popular, but they also come in palladium and platinum options, opening up the possibilities for diverse precious metal investments.

With state-of-the-art security, exquisite designs, and impeccable purity, maple leaf coins have become renowned worldwide.

Our experts here at Coins Auctioned are here to loop you in on the history, designs, varieties, and values of Canadian maple leaf coins.

Pictured above: Obverse of 1 oz gold Canadian Maple Leaf coin atop 1 oz silver Canadian Maple Leaf coin | Image credit: Calgary Reviews, Flickr, CC-BY-SA-2.0

Historical Origins

The maple leaf’s association with Canadian pride dates long before the bullion coins. In fact, the leaf has been on Canadian coins since the 1850s, before Canada even had their own mint branch.

In 1908, the first official Canadian branch of the Royal Mint opened in Ottawa, renamed the Royal Canadian Mint (RCM) in 1931. Decades later in 1969, the branch became an official Crown corporation under full Canadian ownership.

First Maple Leaf Bullion

RCM introduced the first maple leaf bullion coins in 1979: 1-oz gold coins made of 99.9% pure gold.

The only other gold bullion coins on the market were the Austrian 100 Corona and South African Krugerrand, but the latter was losing popularity from Apartheid boycotts.

Both options were made from only 90% pure gold, and high inflation meant investors wanted consistent, high-purity gold bullion options. So, RCM started offering 99.9% pure gold maple leaf coins.

The Canadian gold maple leaf coins saw instant popularity and acclaim. New sizes — 1/4-oz and 1/10-oz — came in 1982 and RCM raised the gold purity even higher to 99.99 percent.

Silver & Platinum Maple Leaf Coins

Other countries followed suit with similar bullions: the US introduced the golden eagle & silver eagle bullion in 1986, while the Isle of Man introduced the platinum Noble (the first platinum bullion) in 1983.

With heavier competition and successful footing, RCM started making platinum and silver maple leafs in 1988. By that time, the gold maple leaf held over half the gold bullion market and Canada was a top-three nation for platinum production.

Platinum and silver maple leafs were made publicly available for sale on November 17, 1988.

Silver maple leaf bullion has been consistent since, but platinum ones are another story.

During the 1990s, the platinum market saw steep highs and lows in both price and investor interest. RCM ended the platinum maple leaf coin program in 2003 until picking it up again in 2009 with only 1-oz platinum coins.

Since then, platinum maple leafs have increased in popularity, becoming the “world’s best selling platinum coin” in 2012, according to RCM.

The Final Addition: Palladium Maple Leaf

The youngest maple leaf sibling came in November 2005, when RCM started making 1-oz palladium maple leaf coins.

Unfortunately, the demand wasn’t as high as expected, and the new series ended in 2007. That is, until the Great Recession in 2008 suddenly increased the value and demand of palladium coins. RCM returned to making palladium maple leafs for one year in 2009.

The series didn’t return again until 2015, and palladium maple leafs have been offered every year since.

Pictured above: Royal Canadian Mint building in Ottawa, Canada | Image credit: Shankar s., Flickr, CC-BY-SA-2.0

Specifications & Types of Maple Leaf Coins

First, let’s go over some important terminology.

Denominations: We use the term “denomination” for the coin’s face value, meaning the coin’s government-backed spending power (e.g. $5 CAD).

Purity: The amount of pure precious metal in a coin is its “purity” or “fineness.” Maple leafs vary from 99.9% pure (“3 nines”) to 99.95% pure (“3 nines 5”) up to 99.999% (“five nines”).

Precious Metal Weight: The weight of maple leaf coins is tied to purity, expressed in troy ounces. So when you see a “1-oz” maple leaf coin, it has 1 troy ounce of pure precious metal.

For comparison, 1 troy ounce equals 1.097 standard ounces or 31.1035 grams.

Since maple leaf coins have such high purity, their total weight (mass) is equal to their troy oz weight. That means a 1-oz Canadian gold maple leaf coin contains 31.1035 grams of pure gold and weighs 31.1035 grams.

Pictured above: Reverse of 2008 1/20-oz Gold Maple Leaf coin | Image credit: Eric Golub, Flickr, CC-BY-SA-2.0

Gold Maple Leaf (GML)

The pack leader, Canadian gold maple leaf coins are exquisite with pure-gold coloring. They’re best known in 1-oz 99.99% pure varieties.

• Years: 1979-present (1-oz); 1986-present (1/2-oz); 1982-present (1/4-oz & 1/10-oz)

• Diameter: 30 mm (1-oz); 25 mm (1/2-oz); 20 mm (1/4-oz); 16 mm (1/10-oz)

• Thickness: 2.80 mm (1-oz); 2.23 mm (1/2-oz); 1.70 mm (1/4-oz); 1.22 mm (1/10-oz)

• Edge: Reeded

• Purity: 24K; 99.9% pure (1979–October 1982); 99.99% pure (November 1982–present); 99.999% pure (2007–2009 special editions)

• Denomination: $50 CAD (1-oz); $20 CAD (1/2-oz); $10 (1/4-oz); $5 (1/10-oz)

Gold maple leaf coins have also been minted in other fractional varieties — 1/25-oz, 1/20-oz, and 1/15-oz — but only for limited-time series.

Pictured above: Obverse of 2017 Silver Maple Leaf bullion coin | Image credit: Silver Torch66, Flickr, CC-BY-SA-2.0

Silver Maple Leaf (SML)

The silver maple leaf is one of the purest silver bullion coins in the world. The purity and design has stayed consistent in standard editions.

• Years: 1988–present

• Diameter: 38 mm

• Thickness: 3.29 mm

• Edge: Reeded

• Purity: 9999 (99.99% pure silver)

• Denomination: $5 CAD

Unlike the other maple leaf coins, the 1-oz silver maple leaf face value is $5 CAD, not $50 CAD.

All standard-issue silver maple leafs are 1-oz varieties, while fractional types only appear in special editions. These fractional denominations include 1/20-oz, 1/10-oz, 1/4-oz, 1/2-oz, 1.5-oz, 2-oz, 5-oz, 10-oz, and 1 kg (32.15-oz).

Pictured above: Reverse of 2008 1 oz Platinum Maple Leaf bullion coin | Image credit: PCGS Auction Prices

Platinum Maple Leaf (PtML)

A slightly newer addition, platinum maple leaf bullion coins are even brighter than silver maple leafs. They’re also more durable, hypoallergenic, and valuable than silver.

• Years: 1988–2002 & 2009–present (1-oz); 1988–2002 (1/2-oz, 1/4-oz, & 1/10-oz)

• Diameter: 30 mm (1-oz); 25 mm (1/2-oz); 20 mm (1/4-oz); 16 mm (1/10-oz)

• Thickness: 2.62 mm (1-oz); 2.23 mm (1/2-oz); 1.78 mm (1/4-oz); 1.22 mm (1/10-oz)

• Edge: Reeded

• Purity: 9995 or 99.95% pure platinum (1988–2009); 9999 or 99.99% pure (2009–present)

• Denomination: $50 CAD (1-oz); $20 CAD (1/2-oz); $10 CAD (1/4-oz); $5 CAD (1/10-oz)

Although sporadic, 1/20-oz platinum maple leafs were offered from 1993 to 1999, then again for one year in 2002.

Pictured above: Reverse of 2009 1 oz Palladium Maple Leaf bullion coin | Image credit: PCGS Auction Prices

Palladium Maple Leaf

Palladium maple leafs, the newest addition, have had consistent purity and weight.

• Years: 2005–2007, 2009, 2015–present

• Diameter: 34 mm

• Thickness: 2.87 mm

• Edge: Reeded

• Purity: 99.95% pure palladium

• Denomination: $50 CAD (1-oz)

Overall, palladium bullion is often overlooked given its limited availability, so palladium maple leafs are a rare opportunity for a valuable yet underrated investment.

However, they’re the only maple leafs subject to Canada’s GST/HST taxes.

Pictured above: Obverse of 1988 1 oz Silver Maple Leaf bullion coin | Image credit: Eric Golub, Flickr, CC-BY-SA-2.0

Design and Features

The design of maple leaf coins may seem simple, but upon a closed look, it’s full of impressive details that reflect Canadian values and state-of-the-art technology.

Obverse Design

The obverse (heads side) inscriptions are consistent across all maple leaf coins. The current British monarch (“ELIZABETH II” or “CHARLES III”) is along the top rim, while the face value (e.g. “50 DOLLARS”) and mintage year (e.g. “2005”) are along the bottom rim.

The portraits are also consistent across the different metals, but the exact portrait used depends on the era:

1. 1979 - 1989 (Pictured above): Head & shoulders of Queen Elizabeth II at 39 years old wearing a tiara; Designed by British artist & sculptor Arnold Machin

2. 1990 - 2003: Neck & head of Queen Elizabeth II at 64 years old wearing diamond tiara & necklace; Designed by Hungarian-Canadian sculptor Dora de Pédery-Hunt

3. 2004 - November 2023: Commemorated 50th anniversary of coronation; Neck & head of Queen Elizabeth II at 79 years old wearing pearl necklace but no crown; Designed by Canadian portrait artist Susanna Blunt

4. December 2023 - Present: Commemorated coronation of Charles III; Neck & head of King Charles III; Designed by Canadian artist Steven Rosati

All portraits are side-facing profiles. The Queen’s portraits face right, while the King’s portrait faces left.

The obverse of 2023 maple leafs included “1952” over four dots and “2022” to commemorate Queen Elizabeth II’s reign after her death in September 2022.

Reverse Design

The reverse (tails side) of all maple leaf coins features a detailed sugar maple leaf designed by former RCM Master Engraver, the late Walter Ott.

“CANADA” is along the top rim. The metal (e.g. “FINE PALLADIUM”) and purity weight in French (e.g. “1/10 OZ OR PUR” for gold or “1-oz ARGENT PUR” for silver) are along the bottom rim.

The coin’s purity is on the leaf’s left & right of the leaf, given as fineness (e.g. “9999”).

Standard-issue coins equipped with BULLION DNA™ technology (discussed later) have a small, textured maple leaf on the bottom right, plus radial lines on both sides.

Other privy marks may contain the last two digits of the mintage year.

Pictured above: Obverse & reverse of 2018 1-oz Gold Maple Leaf coin with reverse proof  finish & incuse effect | Image credit: PCGS Set Registry

Finishes & Varieties

Dozens of special maple leaf coin series have been produced, leading to various finishes and types:

• Standard Bullion: Most common for standard issues; Struck once on polished planchets; Uniform, standard finish; Radial lines

• Standard Proof: Higher quality, lower quantity; Prepared from special planchets with specially polished dies & struck multiple times; Matte or frosted foreground (relief) & brilliant, mirror-like background (field)

• Matte Proof: Like standard proof but satin background finish; Occasionally paired with gold-plating or rhodium-plating on silver maple leafs

• Reverse Proof: Like proof but matte or frosted background & brilliant, mirror-like foreground details; Occasionally paired with gold-plating on silver maple leafs

• Specimen: Even rarer than proof; Precise matte and/or lined background with brilliant, highly detailed foreground

Different finishes can also be combined with other special effects, like:

• Hologram: Iridescent hue over selective details or entire coin, sometimes creating different frames when moved; First used in 1999

• Colored: Color added to selective details, usually the maple leaf element

• Incuse & Super Incuse: Foreground image isn’t raised but pressed into surface; Standard depth is 0.3 mm, super incuse depth is 1.5 mm

How do these compare in terms of value, though?

Pictured above: Reverse of 1988 1 oz Silver Maple Leaf bullion coin with reverse proof finish and sheep privy mark | Image credit: Eric Golub, Flickr, CC-BY-SA-2.0

Collectibility & Numismatic Value

A maple leaf’s face value is largely symbolic since it’s always lower than the coin’s intrinsic value (what it’s truly worth).

The true value of a maple leaf coin depends on:

• Current Precious Metal Spot Price: The market value (“spot price” or “melt value”) of each precious metal per troy ounce fluctuates. Usually, higher inflation means higher spot prices and vice versa. You can check the current spot prices for all four metals here.

• Rarity: Issues with lower mintages (like the 1997 silver or 2007 palladium issues) or low survival will be more valuable.

• Current Demand: Basic economics — higher demand, higher price, and vice versa. Consistently popular varieties like 1-oz gold and 1-oz silver maple leafs will usually have higher premiums, while other varieties fluctuate. An expert coin grader can help determine your coin’s value based on demand.

• Historical Significance: Collectors will pay higher prices for maple leafs with greater historical significance, like first-year issues (e.g. 1979 gold maple leaf) or certain commemorative editions.

The variety and finish may influence which factors are more important.

Bullion maple leafs are largely valued on the current metal spot price and demand.

Proof (including matte & reverse proof) maple leafs are generally more valuable, with higher premiums over the spot price than bullion types.

Premiums for Maple Leaf Coins

Aside from sales taxes, the total cost of a maple leaf coin is the spot price of its metal content (divided for fractional types) plus its premium-over-spot price.

A coin’s premium-over-spot is the difference between its spot price value and actual cost, often as a percentage, accounting for business expenses and mark-ups. The premium varies for different metals, too.

Typical premiums are:

• Gold Maple Leaf: 3-4% premium (e.g. $2,259 when spot price is $2,179)

• Silver Maple Leaf: 12-20% (e.g. $28 when spot price of $24)

• Platinum Maple Leaf: 12% (e.g. $1,023 when spot price is $912)

• Palladium Maple Leaf: 35% (e.g. $1,377 when spot price is $1,021)

Luckily, premiums for maple leafs are generally lower than that of other bullion coins!

For instance, most gold bullions usually have a 5% premium while most silver bullion coins have a 30% premium.

Investment & Wealth Preservation

Beyond coin collecting, buying maple leaf bullion coins is a popular investment option. Precious metal coins are often bought to diversify a portfolio and have assets that protect against inflation, be it for wealth preservation or retirement savings.

Why invest in maple leaf bullion coins over other options? Besides its impeccable appearance, some reasons are:

1. Gold and silver maple leafs are among the highest purity at 99.99% (sometimes 99.999%) pure, even higher than the popular American silver eagles and golden eagles.

2. The different metal options like platinum and palladium can further diversify assets.

3. The coins’ esteemed reputation for superior quality make their value recognized and accepted worldwide.

4. Recent RCM developments have made the coins even more secure and easy to authenticate.

Let’s elaborate on those security developments.

Pictured above: Diagram highlighting the BULLION DNA™ and MINTSHIELD™ security measures on 1 oz Silver Maple Leaf coin | Image credit: Royal Canadian Mint

Security & Anti-Counterfeiting Measures

Recently, RCM added impressive anti-counterfeiting security features to maple leaf coins.

The first measure, introduced in 2013 on 1-oz gold maple leafs, is an anti-counterfeiting and authentication technology called BULLION DNA™ (Digital Nondestructive Analysis). It includes micro-engraved security marks, radial lines, and secure digitized registration for easy authentication.

The security marks were added to silver maple leafs in 2014, then platinum and palladium maple leafs in 2015.

Another development came in 2018: MINTSHIELD™ technology for silver maple leafs.

MINTSHIELD™ is a surface protection measure that aims to prevent or lessen white discolorations called “milk spots” that mysteriously develop over time. Notably, RCM is the first and only mint that’s created a solution for reducing milk spots.

Pictured above: Two workers handling the 100-kg gold Big Maple Leaf | Image credit: The Reserve

Maple Leaf Coin Series

Since 1979, there have been numerous commemorative and special edition maple leaf coins.

Gold Series

Some notable gold maple leaf special-edition releases and sets include:

• Big Maple Leaf (2007): Five 100-kg (3215-oz) coins of 99.999% purity, formerly world’s largest gold coin

• Bimetallic Maple Leaf (2004): Bullion sets with silver ring & gold core, first with 1/25-oz type, 1979-2004 double date

• Hologram (1999, 2001, 2009): First holographic RCM coins ever; 2009 set for series’ 30th anniversary

• Five Nines (2005-2016): Coins minted in 99.999% purity, including wolf, cougar & grizzly bear mini-series

• Olympics (2008): For 2010 Vancouver Winter Olympics & Paralympics

Silver Series

Notable varieties of special silver maple leafs:

• Liberation of the Netherlands (2005): Rarest silver variety; Triply privy 1-oz struck for Royal Dutch Mint

• Fabulous12 or Fabulous15 (2006-2016): Maple leaf with f12 or f15 privy mark plus 3 international silver bullion coins

Platinum Series

Platinum special edition maple leafs to know are:

• 25th Anniversary (2013): Only 250 mintage; Selective gold-plating, 1-oz, and “25 years ans” privy mark

• Maple Leaf Forever (2023): 35th anniversary; Extra maple leaves & selective gold plating; Each 1-oz, $300 CAD face value, with 1988 obverse portrait

It’s safe to say the Royal Canadian Mint will continue to innovate and delight with new special editions, along with improving on the classic and iconic original maple leaf coins.

Pictured above: Obverse & reverse of 1988 1-oz Silver Maple Leaf bullion coin, graded MS68 by PCGS | Image credit: PCGS ValueView

The Maple Leaf Coin: A Testament to Numismatic Mastery & Canadian Identity!

You don’t have to be from the Great White North to appreciate the beauty and significance of Canadian maple leaf coins.

While the design certainly represents fundamentals of Canadian identity, coin collectors and investors from around the world can appreciate the long-lasting value, impressive technology, and exquisite design of any maple leaf bullion coin.

Buy Canadian maple leaf bullion coins today!