Canadian Government Scraps Pennies

Forum for discussing any topic related to investing in, collecting and saving US, Canadian, UK, and other Copper Bullion Pennies for their metal content.

Re: Canadian Government Scraps Pennies

Postby SilverDragon72 » Mon Feb 11, 2013 8:40 pm

scyther wrote:
SilverDragon72 wrote:Now, with each passing day, the Canadians in my hoard will become a little more valuable.... :P

Well, a little less common, anyway. Hopefully they'll eventually become valuable (and by that I mean more than melt/face, whichever's higher). That will probably take at least a couple years, though.

...

It's been going on for a week already... I wonder how many have already been melted :twisted:



True. I will hold these for a long time. I know the value won't go up right away....but in due time as the ARP continues.

In the end, they will all be mine! :twisted:

Ok, maybe not ALL of them..... :P
User avatar
SilverDragon72
1000+ Penny Miser Member
 
Posts: 1609
Joined: Mon Feb 27, 2012 6:16 pm
Location: South Central Wisconsin

Re: Canadian Government Scraps Pennies

Postby henrysmedford » Tue Feb 12, 2013 12:09 am

Image
User avatar
henrysmedford
Super Post Hoarder
 
Posts: 3813
Joined: Sun Oct 10, 2010 11:10 am
Location: Cascadia

Re: Canadian Government Scraps Pennies

Postby uthminsta » Tue Feb 12, 2013 2:06 am

Holy cow. That's a neat graphic, Joe. Thanks for plugging it in here.
User avatar
uthminsta
Too Busy Posting to Hoard Anything Else
 
Posts: 6135
Joined: Sat Oct 24, 2009 3:00 pm
Location: Illinois

Re: Canadian Government Scraps Pennies

Postby JadeDragon » Wed Feb 20, 2013 1:40 am

London Drugs has signs up they are still giving out pennies until they run out of supply. Actually got a Cdn copper and a US Zinc in change today. Safeway has the till rounding however, and no pennies. Walmart is rounding too i think.
The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
User avatar
JadeDragon
Realcent Moderator
 
Posts: 5434
Joined: Mon May 19, 2008 3:00 pm
Location: Canada

Re: Canadian Government Scraps Pennies

Postby fb101 » Wed Feb 20, 2013 9:29 pm

cool graphic HM
User avatar
fb101
Too Busy Posting to Hoard Anything Else
 
Posts: 4039
Joined: Mon May 05, 2008 3:00 pm
Location: Phila suburbs

Re: Canadian Government Scraps Pennies

Postby scyther » Sat Apr 06, 2013 2:43 am

So, it's been 2 months now... any news? Are any banks still giving out pennies? Any businesses still giving them out in change? Has the price of copper pennies increased? Has anyone been able to sell non-copper pennies for over face value? Any information about how many pennies have been destroyed?
267,500 pennies and 186,000 nickels searched. Hand sorter.
10/13/18
User avatar
scyther
1000+ Penny Miser Member
 
Posts: 1391
Joined: Tue Mar 27, 2012 4:19 pm

Re: Canadian Government Scraps Pennies

Postby MetalJunkie » Sun Apr 07, 2013 6:48 pm

I am on a trading system with my bank...i bring them my returns and they will give me whatever they have on hand. Some weeks they have a couple boxes and some weeks 10$. I take what i can get as they are doing me a favor. I still have over 400$ to search threw so hopefully people keep returning there coppers :D

non copper for over face value i highly doubt it....im just returning mine. However in the years to come who knows. but i cant see any modern day coin becoming nearly impossible to find. i kept a roll or 2 of every year since 1953...thats enough for me as far as numismatics may be conserned.
MetalJunkie
 
Posts: 38
Joined: Sat Sep 29, 2012 5:38 pm

Re: Canadian Government Scraps Pennies

Postby SilverDragon72 » Sun Apr 07, 2013 7:56 pm

I just feel fortunate that I was able to secure a small hoard of the little Canadian coppers! Yes, I know there are potentially billions of them out there in circulation, but they are disappearing by the day, thanks to the ARP!
User avatar
SilverDragon72
1000+ Penny Miser Member
 
Posts: 1609
Joined: Mon Feb 27, 2012 6:16 pm
Location: South Central Wisconsin

Re: Canadian Government Scraps Pennies

Postby mtalbot_ca » Wed Apr 10, 2013 9:28 pm

My CU is refusing to give pennies that they receive.

No shop that I know of are returning pennies as change, but they still accept it as payment.
Common sense should prevail if not, misery will.
User avatar
mtalbot_ca
1000+ Penny Miser Member
 
Posts: 1098
Joined: Tue Nov 16, 2010 6:59 pm

Re: Canadian Government Scraps Pennies

Postby MikeJ » Mon Apr 15, 2013 9:24 am

I wonder how many pennies have been melted so far?
MikeJ
Penny Hoarding Member
 
Posts: 644
Joined: Sun Apr 14, 2013 7:48 pm

Re: Canadian Government Scraps Pennies

Postby scyther » Mon Apr 15, 2013 7:04 pm

MikeJ wrote:I wonder how many pennies have been melted so far?

I would really like to know that... how many, and of what composition. The ARP released information on how much nickel and CuNi it had recovered for some years... if it gives amounts for copper, zinc, and steel next year, we can estimate how many pennies have been destroyed. Unfortunately, I doubt they will, especially for steel, which is almost worthless.
267,500 pennies and 186,000 nickels searched. Hand sorter.
10/13/18
User avatar
scyther
1000+ Penny Miser Member
 
Posts: 1391
Joined: Tue Mar 27, 2012 4:19 pm

Re: Canadian Government Scraps Pennies

Postby mtalbot_ca » Tue May 14, 2013 8:10 pm

I asked my CU this week about the rate of return for the pennies. They told me that at the start of the ''return'' process they would get over 40 boxes per week. Now they are down to about 5 boxes per week and still diminishing. I think that unless a new campaign is started, a lot of pennies will remain hoarded in people's home until they die or move to a retirement home....
Common sense should prevail if not, misery will.
User avatar
mtalbot_ca
1000+ Penny Miser Member
 
Posts: 1098
Joined: Tue Nov 16, 2010 6:59 pm

Re: Canadian Government Scraps Pennies

Postby scyther » Wed May 15, 2013 12:09 am

mtalbot_ca wrote:I asked my CU this week about the rate of return for the pennies. They told me that at the start of the ''return'' process they would get over 40 boxes per week. Now they are down to about 5 boxes per week and still diminishing. I think that unless a new campaign is started, a lot of pennies will remain hoarded in people's home until they die or move to a retirement home....

Doubtless they will. The amount of pennies that survive will depend on how long they keep doing this. If they give up once they stop getting very many, a lot may end up surviving.
267,500 pennies and 186,000 nickels searched. Hand sorter.
10/13/18
User avatar
scyther
1000+ Penny Miser Member
 
Posts: 1391
Joined: Tue Mar 27, 2012 4:19 pm

Re: Canadian Government Scraps Pennies

Postby Cytic » Sun Aug 11, 2013 2:59 am

Keep us updated on any changes and availability.

Someday we will probably scrap our pennies down here in the U.S. as well.
Cytic
 
Posts: 30
Joined: Sat Sep 22, 2012 8:50 am

Re: Canadian Government Scraps Pennies

Postby fansubs_ca » Sun Aug 11, 2013 10:52 pm

It's been a few weeks since anyone brought any into my credit union to cash in.

As for rounding Superstore is rounding in the customer's favour...
...apparently if you use the self check out you can start your payment with the
exact right number of pennies so they always round 4¢ in your favour. ^_-

The dollar store in one of the malls here is refusing pennies. I bought a bottled
drink that was $1, so with both taxes $1.13, I hand them exactly $1.13 and they
say it's $1.15, apparently their till software won't let them punch in recieving any
amount of cash that does not end with a 0 or 5...
...so I had them hand me my coins back and I used debit (INTERAC) to pay exact...
...too bad they don't accept credit cards or I would have used AMEX because it's
the one that costs them the most to process. ^_-
User avatar
fansubs_ca
Penny Hoarding Member
 
Posts: 711
Joined: Mon Jul 11, 2011 2:47 am
Location: Winterpeg, Manisnowba

Re: Canadian Government Scraps Pennies

Postby scyther » Sun Aug 11, 2013 11:32 pm

fansubs_ca wrote:I bought a bottled
drink that was $1, so with both taxes $1.13, I hand them exactly $1.13

Ugh... the 8% sales tax we have here is bad enough. 13%. That's disgusting... you have my sympathy.
267,500 pennies and 186,000 nickels searched. Hand sorter.
10/13/18
User avatar
scyther
1000+ Penny Miser Member
 
Posts: 1391
Joined: Tue Mar 27, 2012 4:19 pm

Re: Canadian Government Scraps Pennies

Postby fansubs_ca » Sun Aug 25, 2013 2:55 am

scyther wrote:
fansubs_ca wrote:I bought a bottled
drink that was $1, so with both taxes $1.13, I hand them exactly $1.13

Ugh... the 8% sales tax we have here is bad enough. 13%. That's disgusting... you have my sympathy.


5% Federal GST (Goods and Services Tax) + 8%* PST (Provincial Sales Tax) in Manitoba.
*Recently increased from 7% to 8% :(

As for penny availability, I got $15 worth from the Credit Union this week.

As for penny acceptance, today I was able to spend 4 steel cents at Wal-Mart as part of
a purchase that was $38.99. Saved 1¢ by avoiding rounding. :)
User avatar
fansubs_ca
Penny Hoarding Member
 
Posts: 711
Joined: Mon Jul 11, 2011 2:47 am
Location: Winterpeg, Manisnowba

Re: Canadian Government Scraps Pennies

Postby uthminsta » Sun Aug 25, 2013 1:12 pm

fansubs_ca wrote:As for penny acceptance, today I was able to spend 4 steel cents at Wal-Mart as part of a purchase that was $38.99. Saved 1¢ by avoiding rounding. :)

Good to know. Is that the exception or the rule?
User avatar
uthminsta
Too Busy Posting to Hoard Anything Else
 
Posts: 6135
Joined: Sat Oct 24, 2009 3:00 pm
Location: Illinois

Re: Canadian Government Scraps Pennies

Postby fansubs_ca » Mon Aug 26, 2013 2:26 am

uthminsta wrote:
fansubs_ca wrote:As for penny acceptance, today I was able to spend 4 steel cents at Wal-Mart as part of a purchase that was $38.99. Saved 1¢ by avoiding rounding. :)

Good to know. Is that the exception or the rule?


Hard to say at this point, so far the Dollar store, Burger King, and 7-11 seem to be the
only ones turning them down. Though maybe I just have to try a different 7-11 to make
sure it's not just the one location or person. It's really odd for 7-11 to refuse them becuase
they are amoungst the few places that will take 50¢ pieces without blinking. (Most places
you have to make sure you either get an older clerk or there is an older clerk nearby for
the younger clerk to ask, a lot of people under 30 seem to have never seen them before.)
7-11 clerks get used to people "digging deep" to come up with money for what they want.

I'll contuinue to post acceptance/refusal reports here for particular stores.
User avatar
fansubs_ca
Penny Hoarding Member
 
Posts: 711
Joined: Mon Jul 11, 2011 2:47 am
Location: Winterpeg, Manisnowba

Re: Canadian Government Scraps Pennies

Postby John_doe » Mon Aug 26, 2013 9:01 pm

are they doing alloy recovery on the nickels as well?
Ancora Imparo

"You can't control the wind, but you can adjust your sails."

-Albert Einstein
User avatar
John_doe
Post Hoarder
 
Posts: 2502
Joined: Sat Apr 02, 2011 10:38 pm

Re: Canadian Government Scraps Pennies

Postby henrysmedford » Mon Aug 26, 2013 9:18 pm

John_doe wrote:are they doing alloy recovery on the nickels as well?

Yes
User avatar
henrysmedford
Super Post Hoarder
 
Posts: 3813
Joined: Sun Oct 10, 2010 11:10 am
Location: Cascadia

Re: Canadian Government Scraps Pennies

Postby John_doe » Mon Aug 26, 2013 9:26 pm

why am I getting the feeling that there will be a pinch on consumer nickel in the next few years?
Ancora Imparo

"You can't control the wind, but you can adjust your sails."

-Albert Einstein
User avatar
John_doe
Post Hoarder
 
Posts: 2502
Joined: Sat Apr 02, 2011 10:38 pm

Re: Canadian Government Scraps Pennies

Postby henrysmedford » Mon Aug 26, 2013 9:30 pm

John_doe wrote:why am I getting the feeling that there will be a pinch on consumer nickel in the next few years?

The RCM plan can be seen here. http://www.mint.ca/store/dyn/PDFs/CP%202012-16%20-%20Draft%20R%20SUMMARY%20D%20_FIN_%20_Amend_%20B.pdf
User avatar
henrysmedford
Super Post Hoarder
 
Posts: 3813
Joined: Sun Oct 10, 2010 11:10 am
Location: Cascadia

Re: Canadian Government Scraps Pennies

Postby ZenOps » Mon Sep 02, 2013 8:05 am

http://publications.gc.ca/collections/C ... -2004E.pdf

Alloy recovery for nickel began in 2003 and encompassed all nickel coins (including cupronickel)

So that means they started melting 5 cent nickels, dimes, quarters, and also the rarely seen nickel halves and 15.62 gram half ounce nickel dollars, a long time ago.

They have definitely been doing mostly quarters (and not as many dimes or 5 cent nickels) from my observation in 2013, less than 1 out of 10 pure nickel quarters is left in circulation. IE: In a full roll of quarters, you might find three that are year 1999 or earlier.
Beaver collector
User avatar
ZenOps
Penny Collector Member
 
Posts: 402
Joined: Sat Sep 10, 2011 7:00 pm

Re: Canadian Government Scraps Pennies

Postby mickeyman » Fri Sep 27, 2013 10:07 pm

The local comic book store in Streetsville (part of Mississauga) still gives out pennies. And sometimes you can buy a few rolls at local banks if you tell them you want some for old times' sake (or for the kids)
User avatar
mickeyman
Penny Collector Member
 
Posts: 275
Joined: Wed Jun 13, 2007 3:00 pm
Location: Mississauga

PreviousNext

Return to Copper Penny Bullion Investing

Who is online

Users browsing this forum: No registered users and 3 guests