Commems Collection Canadian: A Look At Canada's Enameled NCLT Silver Dollars

Canada's NCLT commemorative silver dollar series has been in existence for more than 40 years; its first issue was the 1971 British Columbia Centennial coin. For much of its history, the series was limited to "standard" silver dollars, in other words -- silver coins with no "bedazzling."

Things began to change in 2002, however, when the RCM plated one its commemorative silver dollars with gold and included it in a special edition proof set in honor of the 50th anniversary of Queen Elizabeth's ascension to the throne. A few years later, in 2005, the RCM initiated its ongoing series of selectively gold-plated silver dollars with the release of the coin marking the 40th anniversary of Canada's National Flag.

The Canada's Flag silver dollar was also released with selective enameling -- red enamel was used on the flag on the coin's reverse to create a more realistic depiction of it. The enameled version of the Flag commemorative dollar was a limited edition with just 5,000 coins produced; it was initially offered at $99.95 (the most expensive issue price for a single silver dollar up to that time). The coin proved popular with collectors, and enjoyed significant appreciation in value on the secondary market. I can recall the coin commanding prices in excess of $400 at one time. Today, successful bids for pieces offered via online auctions are more in the range of $200 to $250 -- still a premium over its release price.



The Flag dollar started a three-year run of selectively enameled silver dollars by the RCM. In 2006, an enameled version of the Medal of Bravery Special Edition silver dollar was available to collectors. Like the 2005 coin, its mintage was limited to 5,000 and its release price was $99.95. Also like the Flag dollar, the enameled version of the Medal of Bravery coin experienced strong collector support and escalating prices in the secondary market. For a time, its price was pushed above $300 but is now in the range of $120 to $150.



The third enameled silver dollar coin released was the 2007 Thayendanegea (Joseph Bryant) commemorative. As with the 2005 Flag dollar, it was available in "plain" silver, in a selectively gold-plated version and in an enameled version. The release price of the enameled coin was $129.95, a 30% jump over the previous year's coin. The maximum mintage for the coin was 7,500 (a 50% increase from the previous enameled issues) but sales amounted to just under 5,200. Whether it was the subject matter commemorated or the price increases imposed on all versions of the coin, sales for the issue across all options did not meet expectations. The enameled version never experienced any significant price appreciation on the secondary market, and can often be purchased today in the range of $100 to $125.



It looked for a time that the RCM may have decided to move away from enameled silver dollars as no new coins were offered in 2008 or 2009. In 2010, however, a Special Edition proof dollar was released to mark the passing of the last Canadian WWI veteran -- it featured red enamel on a single large poppy in the foreground with a field of poppies in the background. The use of the enameling is simple, effective and attractive. Mintage of the coin was capped at 5,000; its initial selling price was $139.95. The 2010 Poppy dollar has increased in value, with the coin currently selling in the range of $175 to $225 in online auctions.



These four coins make an interesting subset within the long-running commemorative silver dollar series. Will there be more? I wouldn't rule it out, but I'd be OK if this particular type of "bedazzling" was left to other collector coins.


Note: All secondary market selling prices quoted above are from recently completed online auctions; dealer asking prices may be different.