Canadian Government Scraps Pennies

[mtalbot_ca]

I do not think that melting pennies will become an issue. In five years, whatever the price of copper, a penny will be sold in the 2x-3x region for the older ones (pre 80s).

My opinion.

[mtalbot_ca]

I just found my first 2012 pennies in circulation.

[Relectrocycle]

Hmmmm.

Hoard away gents!

[knibloe]

[quote="frugi all Canadian coins are Soverign property forever, so along with that melt ban, there is also probably a whole host of regulations that differ from the US policy, and at the same time mirror US policy on US minted coins. Technically, even if you are a non-Canadian in a foreign country and hold, store or melt Canadian coins, you are breaking the Canadian law. Soverign property has no borders, (that is why you see so many countries winning court battles to have sunken treasure artifacts retrieved by 3rd party private companies returned to the country of origin). Soverign laws (according to international law) have no borders or expiration dates). [/quote]


Devils advocate here:
Does this mean that if I hold an ultra rare Canadian penny that is worth a million dollars, they could request expatriation by claiming that it is soverign property??

[50centsaver]

Someone wrote: "If they (US pennies) cost more to produce than their face value, time to shut it down."

A coin shop owner in Ogden UT told me the reason the US is not considering getting rid our penny anytime soon is because of all the money the mint makes for the quarter sets- millions of dollars- that they're not concerned with the loss from making cents.

[Know Common Cents]

So...5 years from now which 2012 Canadian cent will be worth more? (1) A gem BU example (2) A well circulated example

It seems to me that the 2012 Canadian cents are destined to have a short life in circulation, if at all. Most will be snagged very soon after being released and placed in a drawer, box or container for eternity. Will one that's seen a higher degree of circulation be worth more just because of the time it actually logged in business transactions?

I've been hanging on to pure Cu and Ni Canadian coins for many years and don't have any intent to give them up. I just can't get enthusiastic about hoarding the plated steel ones. When drilled, they'll make good washers, but I fail to see anything collectible about them.

[henrysmedford]

So...5 years from now which 2012 Canadian cent will be worth more? (1) A gem BU example (2) A well circulated example

It seems to me that the 2012 Canadian cents are destined to have a short life in circulation, if at all. Most will be snagged very soon after being released and placed in a drawer, box or container for eternity. Will one that's seen a higher degree of circulation be worth more just because of the time it actually logged in business transactions?

I've been hanging on to pure Cu and Ni Canadian coins for many years and don't have any intent to give them up. I just can't get enthusiastic about hoarding the plated steel ones. When drilled, they'll make good washers, but I fail to see anything collectible about them.

I like the SPECIMEN FINISH cents http://www.ebay.com/itm/ws/eBayISAPI.dll?ViewItem&item=251071100874

[ScottyTX]

So...5 years from now which 2012 Canadian cent will be worth more? (1) A gem BU example (2) A well circulated example

It seems to me that the 2012 Canadian cents are destined to have a short life in circulation, if at all. Most will be snagged very soon after being released and placed in a drawer, box or container for eternity. Will one that's seen a higher degree of circulation be worth more just because of the time it actually logged in business transactions?

I've been hanging on to pure Cu and Ni Canadian coins for many years and don't have any intent to give them up. I just can't get enthusiastic about hoarding the plated steel ones. When drilled, they'll make good washers, but I fail to see anything collectible about them.

Easy question there, there has never been a time that I know of that a circulated example would be worth more than an uncirculated example. It's not like vintage antiques...Coins can easily be worn down to the desired grade over a period of time.... Oh a VF20 is 125.00 where as my AU58 is only worth 5.00 right now back in the pocket it goes to make it worth more Very backwards there and also the reason why coins only go up in value w/ grade..you can't reverse wear

Scott

[ZenOps]

Feb 4 2013, mark it on your Calendars. That is the new official "circulation" end date for pennies from the mint.

http://www.ctvnews.ca/canada/mint-to-st ... 3-1.898199

I'd assume that would mean that on the 5th, the banks are allowed to stop circulation. So there is still a *little* bit of time left to get your penny hoard on.

[hobo finds]

While Canadians are encouraged to roll up their pennies and take them to the bank, or donate them to charity, the Finance Department says they will “retain their value indefinitely and can continue to be used in payments.”The penny has been in use in what is now Canada since 1858. The first coins in the Dominion of Canada were issued in 1870, while it was first domestically produced in 1908.



Read more: http://www.ctvnews.ca/canada/mint-to-st ... z22Alhr1Y6

[JobIII]

I just read this too. I had to go and correct a post I made about when distribution will stop. You CA sorters have 6 more months now

[CanadianCopper]

This is GREAT news!! I will certainly take an additional 6 months of sorting. I am praying that this "deadline" will continue to be pushed back for at least another 2-3 years.

You can always count on government to never get things done on time.

[JobIII]

Since I no longer have a Ryedale. I think I will only look for nickels when I visit. Last week I bought a couple boxes of Canadian pennies and forgot how much I dislike hand sorting copper cents...

BTW I bought them here in Massachusetts at face value

[NHsorter]

Was that a one time deal, or can you get more Canadian boxes at face? I would be interested in some for sure. Probably wishful thinking... I know.

[cheeple]

They do cost more to produce than what their worth, have for a long time, even the zinc pennies.

[scyther]

They do cost more to produce than what their worth, have for a long time, even the zinc pennies.

Even the steel pennies. Maybe if they stopped coating them in copper they could get it under one cent each, but that just wouldn't look right...

[ZenOps]

Steel (iron) pennies are surprisingly expensive in raw materials. 2.35 g, 94% steel, 1.5% nickel, 4.5% copper (as plating)

1.5% nickel = 0.03525 grams of nickel, a $25 box of "steel" pennies actually contained 88 grams of nickel and 264 grams of copper.

And lets say $23 per pound of nickel (5 cents per gram) in 2007, and that box contained $4.40 in nickel, with half a pound of copper, and the rest junk iron.

[scyther]

Hm... maybe the only thing that could be under one cent would be aluminum. Like the 1 yen coin. I can't imagine that thing costs much. Or would they need to alloy aluminum with anything?

[helzelscoins]

That's true, it is probably harder to come by them up there now. I get them quite frequently here in PA, I got a 1953 today.

[creshka46]

I just read in the news that they are extending another 6 months before they start actively removing the pennies. I guess Adam Young called up and told them he wasn't done sorting them yet.

[SilverDragon72]

I visited my LCS today...and picked up several hundred canadian coppers at face value! Are these pennies getting harder to find? I don't have a huge collection of them yet, so I may start acquiring these as well as the US coppers.

[mtalbot_ca]

I visited my LCS today...and picked up several hundred canadian coppers at face value! Are these pennies getting harder to find? I don't have a huge collection of them yet, so I may start acquiring these as well as the US coppers.

No. They have extended the circulation of the penny until Feb 2013. Still plenty around. I am still piling those boxes.....

Cheers,

[SilverDragon72]

I visited my LCS today...and picked up several hundred canadian coppers at face value! Are these pennies getting harder to find? I don't have a huge collection of them yet, so I may start acquiring these as well as the US coppers.

No. They have extended the circulation of the penny until Feb 2013. Still plenty around. I am still piling those boxes.....

Cheers,

Ah ok. I've managed to acquire some of the Canadians....and I will continue to do so when I can. My local LCS had a bunch of them when I visited them a couple weeks ago. Plus I found a little stash of the Canadian nickels 1981 and prior

[SilverDragon72]

I just read in the news that they are extending another 6 months before they start actively removing the pennies. I guess Adam Young called up and told them he wasn't done sorting them yet.

Well, I'm sure Adam Young used his influence wisely! And I'm not done sorting either!

[MetalJunkie]

AS of now still getting about 50% Cu from every roll....well from one of the banks i go to