Did Canadians Hoard Pennies When They Were Eliminated?
Posted: Sat Jan 25, 2025 3:46 pmI just heard on the news last night (Fox) that Elon Musk is looking to eliminate the penny as it costs over 3 cents each to make. A few months ago Chicago Fed President Austan Goolsbee discussed the possibility of converting all pennies to a 5-cent valuation (like the nickel).
I’m not at all married to my boxes of zinc pennies. I just want to be able to make a little extra money on the side.
So, here are my questions:
1) When Canada discontinued their penny, did Canadian collectors and others hoard them in any meaningful way?
2) If I were to sell a bunch of Canadian pennies in Canada right now, how much of a premium could I expect to receive? Would it matter whether the Canadian pennies were copper or not or a combination of copper and steel mixed together?
3) Does anyone realistically foresee zinc pennies in the U.S. being worth something extra anytime soon?
I’m not at all married to my boxes of zinc pennies. I just want to be able to make a little extra money on the side.
So, here are my questions:
1) When Canada discontinued their penny, did Canadian collectors and others hoard them in any meaningful way?
2) If I were to sell a bunch of Canadian pennies in Canada right now, how much of a premium could I expect to receive? Would it matter whether the Canadian pennies were copper or not or a combination of copper and steel mixed together?
3) Does anyone realistically foresee zinc pennies in the U.S. being worth something extra anytime soon?