Vol. 144, No. 13 — June 23, 2010

Registration

SOR/2010-132 June 10, 2010

ROYAL CANADIAN MINT ACT

Order Authorizing the Issue and Determining the Composition, Dimensions and Designs of a One Dollar Circulation Coin

P.C. 2010-737 June 10, 2010

Her Excellency the Governor General in Council, on the recommendation of the Minister of Transport, pursuant to sections 6.4 (see footnote a) and 6.5 (see footnote b) of the Royal Canadian Mint Act (see footnote c), hereby

(a) authorizes the issue of a one dollar circulation coin, the characteristics of which shall be as specified in item 2.1 (see footnote d) of Part 2 of the schedule to that Act and the diameter of which shall be 26.5 mm; and

(b) determines the design of that coin to be as follows, namely,

(i) the obverse impression shall depict the effigy of Her Majesty Queen Elizabeth II by Susanna Blunt, with the initials “SB” on the bottom left-hand corner of the neckline, the inscriptions “ELIZABETH II” and “D•G•REGINA” to the left and right of the effigy, respectively, and beading around the circumference of the coin, and

(ii) the reverse impression shall depict a design of the Saskatchewan Roughriders logo, a stylized “100” between the years “1910” and “2010” below the logo and the inscriptions “CANADA” and “DOLLAR” at the top and bottom of the coin, respectively.

REGULATORY IMPACT
ANALYSIS STATEMENT

(This statement is not part of the Order.)

Issue and objectives

The Royal Canadian Mint wishes to produce a one dollar coin as part of the Multi-Year Commemorative Circulation Coin Program to commemorate the 100th anniversary of the Saskatchewan Roughriders Football Club. However, at present the Royal Canadian Mint is not authorized to produce coins with the proposed new design. Pursuant to sections 6.4 and 6.5 of the Royal Canadian Mint Act, the Governor in Council may, by order, authorize the issue of circulation coins of a denomination listed in Part 2 of the Schedule and determine the design of any circulation coin to be issued. Thus, the purpose of this Order is to obtain Governor in Council approval to issue a one dollar coin bearing a commemorative design to mark the centennial of the Saskatchewan Roughriders Football Club.

This commemorative circulation coin would be in direct support of the official celebrations of the centennial of the Saskatchewan Roughriders Football Club. Details of the official program can be found at www.riderville.com/page/page-2010_centennial.

The objectives of the program include providing Canadians with an exciting program to celebrate our history, values and culture and heighten their interest in circulation coins. The use of circulation coinage to commemorate, celebrate or promote events of national significance or interest has proven to be very popular with the general public. Because these coins are available at face value and circulate widely, public demand is high, with many coins being collected and taken out of circulation. Commemorative circulation coin programs create important benefits by contributing to the overall success of the event being celebrated as well as generating additional seigniorage (revenues for the government).

Description and rationale

The one dollar circulation coin will depict the Saskatchewan Roughriders’ logo and the years 1910–2010 commemorating 100 years of the founding of this football club.

As mentioned previously, this circulation coin will be in direct support of the many events the Saskatchewan Roughriders Football Club has planned to commemorate this milestone anniversary in 2010.

Based on the seigniorage that previous circulation coin programs have generated, this program is expected to produce approximately $995,000 in seigniorage. Seigniorage is the revenue to the Government of Canada from the issue of circulation coins and is equal to the difference between the face value of the coins and the cost to produce, distribute, advertise and promote them.

Consultation

The form of consultation used in this program was with the officials of the Saskatchewan Roughriders Football Club. All aspects of the coin design were discussed and permission for their use received from officials at the football club.

Implementation, enforcement and service standards

The launch of the coin and issue of a press release will be at a time to be discussed in consultation with the Minister responsible for the Royal Canadian Mint. The coins will be distributed through financial institutions throughout Canada.

Contact

Marguerite F. Nadeau, Q.C.
Vice-President, General Counsel & Corporate Secretary
Corporate and Legal Affairs
Royal Canadian Mint
320 Sussex Drive
Ottawa, Ontario
K1A 0G8
Telephone: 613-993-1732
Fax: 613-990-4665
Email: nadeau@mint.ca

Footnote a
S.C. 1999, c. 4, s. 3

Footnote b
S.C. 1999, c. 4, s. 3

Footnote c
R.S., c. R-9

Footnote d
SOR/2007-177, s. 1

NOTICE:
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