As a result, a branch of the Royal Mint was authorized to be built in Ottawa in 1901 after being first proposed in 1890. As Canada emerged as a nation in its own right, its need for coinage increased. The Royal Canadian Mint building at 320 Sussex Drive in Ottawaįor the first fifty years of Canadian coinage (cents meant to circulate in the Province of Canada were first struck in 1858), the coins were struck at the Royal Mint in London, though some were struck at the private Heaton Mint in Birmingham, England. On January 12, 2016, it was announced that MintChip had been sold to Toronto-based nanoPay. In April 2012, the Mint announced it was developing MintChip, a digital currency to allow anonymous transactions backed by the Government of Canada and denominated in a variety of currencies. The final penny was minted at the RCM's Winnipeg, Manitoba, plant on the morning of May 4, 2012. In March 2012, the Canadian government decided to cease the production of pennies. The Mint was named one of " Canada's Top 100 Employers" by Mediacorp Canada Inc. The Minister serves as the link between the Mint, Cabinet and Parliament. The board of directors, through the chair, is accountable to the Minister of Finance. Traditionally, the president of the Royal Canadian Mint is known as the Master of the Mint, currently Marie Lemay, who was appointed to the position in 2018. Like private-sector companies, the Mint has a board of directors consisting of a chair, the president and CEO of the Mint, and eight other directors. The Mint serves the public's interest but is also mandated to operate "in anticipation of profit" (i.e., to function in a commercial manner without relying on taxpayer support to fund its operations). It further offers gold and silver refinery and assay services. The Mint also designs and manufactures precious and base metal collector coins gold, silver, palladium, and platinum bullion coins medals, as well as medallions and tokens. The Mint produces all of Canada's circulation coins, and manufactures circulation coins on behalf of other nations. The shares of the Mint are held in trust for the Crown in right of Canada. The Royal Canadian Mint ( French: Monnaie royale canadienne) is the mint of Canada and a Crown corporation, operating under the Royal Canadian Mint Act.
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