Newfoundland Gold - The birth of the "Twoonie"
Newfoundland gold 2 dollar coins were minted off and on for 23 years starting in 1865. This 2 dollar denomination coin was first on a number of fronts. It was the only gold coin ever issued by a British colony. As well it was the first Canadian coin to make use of the decimal system. The coin is perhaps the historical grandfather of all Canadian two dollar bills and twoonie coins.The idea of issuing a one dollar coin was first considered, but it was decided that the Newfoundland gold coin might be so small that it would be too easily lost. The coin was 91.7% gold with a reeded edge weighing 3.33g or .117 ounces. The coin was slightly smaller than a modern day Canadian or American dime at 17.8mm in diameter. This coin contains .917 x .117 = .107 ounces of gold. At the current spot price of gold on September 14. 2011, one of these coins would be worth $1825.00 x .107 = $213.52. More would be added if the coin were in uncirculated condition and the coin could be worth thousands if it was minted in 1880. The coin featured a bust of the English monarch Queen Victoria and was denominated both as Two hundred cents and One hundred pence. It was Canada's first use of the decimal system. The coin was designed by Leonard Charles Wyon in London, England at the Royal mint. Wyon was still in his twenties when he designed the Newfoundland coin under his father the mints chief engraver William Wyon. Almost all the Newfoundland coins were made at the Tower mint in London with the 1882 issue being coined at the Heaton mint in Birmingham, England. Regardless of the year minted, all of these coins are scarce. Fewer thean 25,000 were minted in any given year. In 1880 only 2500 were minted making that year the rarest of all Newfoundland gold coins. In 1894 Newfoundland suffered banking failures as part of a North America wide depression much like the one in 1929. The depression was caused due to the over ambitious building of railroads and a relaxing of credit regulations to the builders. Many walked away from their mortgages due to lost jobs while others who could afford to hoarded Gold coins like the two dollar piece. Canadian fortunes returned for some by 1897 with the discovery of gold in the Yukon, but the Newfoundland gold coin was never again minted. Ironically in the 21st century, Newfoundland itself is being touted as being one of the hotspots for future gold mining discoveries. Done with the Newfoundland Gold Coin page ? |
