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Today we got are first debased 2012 Loonie and Toonie out of a coin counter. Talk about cheep coins they feel like Chuck E Cheese tokens it said when debased coins get debased.

Old and new.


d by henrysmedford, on Flickr

I'm not following. How are 2012 coins debased? They're still $1 & $2, yes?

Morsecode wrote:I'm not following. How are 2012 coins debased? They're still $1 & $2, yes?

The Canadian government is going to melt the nickel pre 2012 coins from http://www.mint.ca/store/dyn/PDFs/CP%202012-16%20-%20Draft%20R%20SUMMARY%20D%20_FIN_%20_Amend_%20B.pdf

As announced in the
2010 federal budget, the RCM plans to convert the $1 and $2 coins from nickel to its patented
multi-ply steel technology. Demand for both Canadian and foreign patented multi-ply plated
steel coins will be met with additional and refurbished plating lines at its Winnipeg facility. The
RCM’s alloy recovery program (ARP) is, as expected, declining as the total source of nickelbased
domestic coins decreases over the planning period.

And from--http://www.mint.ca/store/mint/learn/circulation-currency-1100028#.UV43JL_bwTM

1-dollar coin

2003 to 2012
Composition: 91.5% nickel, 8.5% bronze plating
Weight (g): 7
Diameter (mm): 26.5
Thickness (mm): 1.95

2012 to present
Composition: multi-ply brass plated steel
Weight (g): 6.27
Diameter (mm): 26.5
Thickness (mm): 1.95

Two dollar
1996 to 2012
Composition: outer ring 99% nickel, inner core 92% copper, 6% aluminum, 2% nickel
Weight (g): 7.3
Diameter (mm): 28
Thickness (mm): 1.8

2012 to present
Composition: outer ring - multi-ply nickel plated steel, insert - multi-ply brass plated aluminum bronze
Weight (g): 6.92
Diameter (mm): 28
Thickness (mm): 1.75

The new loonies really feel like monopoly money. Anyways, great score nevertheless....

Cheers,

Duh Ok, sorry...debased. Got it.

I was thinking of something else

What? The paper currency $1 and $2 notes gave you a feel of greater comfort? The US seems to be several steps behind Canada, but still following the same path.

I expect the US cent to disappear by 2016 if it doesn't get the Canadian multi-ply steel treatment. Depending upon the state of the US economy at the time, all of our circulating coinage will again follow Canada into recomposition...or is it 'decomposition?' The GDP (Generally Dumb Public) may initially recoil, but will again become complacent within 1 or 2 months. I lived through the switchover from silver to clad coins. Most people didn't even realize their legal, lawful tender had disappeared until it was too late.

Coins and currency have only perceived value. For the "print and mint at will" societies, there's no turning back. At some future juncture, even these faux units of value will be reduced to credits on a cell phone. What then can I throw into a fountain when wishing for a return to the good ol' days of sound money?

Know Common Cents wrote:What? The paper currency $1 and $2 notes gave you a feel of greater comfort? The US seems to be several steps behind Canada, but still following the same path.

I expect the US cent to disappear by 2016 if it doesn't get the Canadian multi-ply steel treatment. Depending upon the state of the US economy at the time, all of our circulating coinage will again follow Canada into recomposition...or is it 'decomposition?' The GDP (Generally Dumb Public) may initially recoil, but will again become complacent within 1 or 2 months. I lived through the switchover from silver to clad coins. Most people didn't even realize their legal, lawful tender had disappeared until it was too late.

Coins and currency have only perceived value. For the "print and mint at will" societies, there's no turning back. At some future juncture, even these faux units of value will be reduced to credits on a cell phone. What then can I throw into a fountain when wishing for a return to the good ol' days of sound money?

+1 Good points

Per capita, Canada used to have a solid 21 ounces of nickel compared to about 10 ounces per person for the US.

Canada also made copper pennies to a much later date, meaning that per capita Canada had not quite as much copper per person in the US (most of the US copper coinage being inclusive in dimes quarters halves and dollars.)

Before they stopped circulation of the pennies, and before the debasement of the dimes, quarters, halves, loonies and toonies.

ZenOps wrote:Before they stopped circulation of the pennies, and before the debasement of the dimes, quarters, halves, loonies and toonies.

Yeah, and before the ARP. Seems like Canada was a great place for coin sorting until the last few years... and the last few months especially. Now there's no question it's better to be in the US.

Know Common Cents wrote:What? The paper currency $1 and $2 notes gave you a feel of greater comfort? The US seems to be several steps behind Canada, but still following the same path.

Yes, actually. They may theoretically have an even lower intrinsic value than steel, but for all intents and purposes, they're both zero. But paper just feels like money to me. A hundred dollar bill? That feels like money in my hand when I hold it. And historically, the United States (and other countries, I assume) did have paper money even back when we still had real money. A $20 bill used to be about an ounce of gold. A $10,000 bill was 500 ounces! So sometimes paper money can be real money.

Iron money, on the other hand, is invariably a sign of a weak currency. I don't think I've ever heard of an iron coin being used regularly under a gold standard.