Headquartered in Winnipeg, Manitoba, the RCM is one of the leading producers of coinage in the world. Founded in 1908 to produce Canadian coin to replace the confusing mix of French, American, Spanish, and British currency being used by settlers at the time. The RCM has grown and now produces up to 4 billion coins annually. Although it is not common knowledge, the RCM produces a large quantity of high quality coinage for foreign countries who are do not possess mints of their own. The RCM also refines gold for mines and banks around the world, and was the first refinery to produce 99.99% gold bullion coins in 1982. The RCM refinery has a capacity of 4.2 million troy ounces anually.