5 Dollars - Charles III GML (Bullion)

The "GML" designation — Gold Maple Leaf — marks this as part of a series the Royal Canadian Mint introduced in 1979, the first government-issued gold bullion coin to achieve .999 fineness at launch, later refined to .9999 by 1982. Canada entered the bullion market deliberately to compete with the South African Krugerrand, which had dominated institutional and retail gold investment since 1967. The timing proved shrewd: U.S. sanctions against South Africa in the 1980s effectively handed the Maple Leaf a dominant market position it held for nearly a decade before American and Australian competitors arrived.

Charles III coinage began appearing on Canadian issues following the accession proclamation of September 2022.