Canadian Government Scraps Pennies

[SilverDragon72]

Well, I visited 2 LCS today and grabbed some Canadian nickels and pennies! Not a large amount, but enough to make it a worthwhile trip.

[JadeDragon]

Well, I visited 2 LCS today and grabbed some Canadian nickels and pennies! Not a large amount, but enough to make it a worthwhile trip.

Can someone explain how this works to me? Do the LCS have buckets of Canadian coin to pick through? What do they sell it for? Would it be worth visiting LCS stores when I travel in the US and buying up Canadian coin at a discount? Can you get hundreds of dollars worth at a time?

In Canada US coin simply circulates. No one will sell it at a discount.

[henrysmedford]

A nice way to say good bye. We found these plated 1954 today.


silver by henrysmedford, on Flickr

[OneBiteAtATime]

Well, I visited 2 LCS today and grabbed some Canadian nickels and pennies! Not a large amount, but enough to make it a worthwhile trip.

Can someone explain how this works to me? Do the LCS have buckets of Canadian coin to pick through? What do they sell it for? Would it be worth visiting LCS stores when I travel in the US and buying up Canadian coin at a discount? Can you get hundreds of dollars worth at a time?

In Canada US coin simply circulates. No one will sell it at a discount.

From time to time you can find a real deal. One of the LCS nearby has a buy 5 for $1 box. From time to time they throw modern loonies and toonies in there.

[SilverDragon72]

Well, I visited 2 LCS today and grabbed some Canadian nickels and pennies! Not a large amount, but enough to make it a worthwhile trip.

Can someone explain how this works to me? Do the LCS have buckets of Canadian coin to pick through? What do they sell it for? Would it be worth visiting LCS stores when I travel in the US and buying up Canadian coin at a discount? Can you get hundreds of dollars worth at a time?

In Canada US coin simply circulates. No one will sell it at a discount.

When I go into my LCS, they don't always have any canadian stuff available, but rather on a first come first serve basis. I visited 2 different ones....my favorite one had a handful of nickels and no pennies...and the other one had just 2 nickels and maybe about 2 dollars worth of the pennies. I always ask for them each time I visit. I believe these are becoming more in demand, as I'm in competition with another buyer who also likes to pick them up.

I wish that I could get hundreds of dollars worth at a time, but no such luck here in Wisconsin. I did notice that one coin show had a vendor selling bulk wheats in bags...like $50 FV, but no Canadians.

It was a worthwhile trip, because I picked up some '64 dimes and one silver round as well!

Sometimes I search for the French Ni.....1/2 and 1 Franc coins.

[henrysmedford]

Well, I visited 2 LCS today and grabbed some Canadian nickels and pennies! Not a large amount, but enough to make it a worthwhile trip.

Can someone explain how this works to me? Do the LCS have buckets of Canadian coin to pick through? What do they sell it for? Would it be worth visiting LCS stores when I travel in the US and buying up Canadian coin at a discount? Can you get hundreds of dollars worth at a time?

In Canada US coin simply circulates. No one will sell it at a discount.

I think how the coin shop get them here is when the man dies and the wife hauls his coins to the coin shop they buy at less than face. At the coin shop I go to they buy at a .6 and sell at a .8. They will sell me 1 cent through 50 cent coins at a point 8. The most I have got at one time is $40 +/- at one time. I have been able to buy Canadian at less than face at more than one coin shop. PS if you try please drive past the coin shops in Southern Oregon.
See--http://realcent.org/viewtopic.php?f=7&t=19909&hilit=.canadian
And http://realcent.org/viewtopic.php?f=8&t=19409&hilit=+.canadian
and http://realcent.org/viewtopic.php?f=7&t=19501&hilit=.canadian

[fansubs_ca]

Friday:

$20 at credit union
$3 at RBC branch
$15 at CIBC (fortunately they didn't ask if I was a customer ^_-)
$12 at other RBC branch

So got my normal $50 even if I had to make a few stops.

The Credit Union I deal with says they have lots (just only one
person has access to the main pile) and they'll sell them to me
as long as they have them/people bring them in. They said
they can have $50 ready for me each FR so I'll continue to get
them there as they trickle in.

As I get to sort them I'll of course keep the coppers, probably
just put the steel ones in a bucket so I can spend them bit by
bit and be making exact payment for years, which will eventually
confuse younger clerks who won't know what they are. ^_^
I'll keep $50 worth of steel cents rolled and in boxes to weight
down my washing machine (some things like towels are hard to
get an exactly even load ^_-) or to cash if I'm ever in a real
crunch.

Zincs I'm not sure what I'll do, might hold those and spend them
when I run out of steel cents.

Have to get my $5 worth on each U.S. trip now. ^_-

[uthminsta]

I look forward to seeing what happens with this, with our Canadian members telling us what happens up north as this process gets carried out over time. Would like to hear when rounding happens, when wide-scale unavailability happens, and absolutely EVERY success story of still being able to pick up cents in Canadian banks.

Please keep the stories coming in from "Canadia."

[MetalJunkie]

Today went around to the few banks that are open sundays and picked up what i could...came out with about 200$ worth for the day.

That being said every teller i talked to except 1 said that they will not be giving the cents out starting tomorrow. SO the days of going to the bank to get cents is over! not sure if i could get them from retailers though

[fansubs_ca]

I was in a 7-11 SA and there was a sign up explaining the rounding proceedures that
will apply "when pennies are not available in the till". Of course since I plan to have
the pennies on hand I'll won't need them back in change to pay exactly for quite
some time.

A friend was at a McDonalds about a week back and they had info hand outs about
upcoming rounding.

One idea for the better financed members would be to offer to buy them off of charities
who do penny drives. Of course if you offer to do this you'll need to make sure you
have plenty of liquid cash and storage space to take what they get in when they get it.
I am not so confident of my ability to buy up the proceeds of a really successfull penny
drive.

[scyther]

Aaaand, it's melt day. I hope everyone is well supplied

[henrysmedford]

Aaaand, it's melt day. I hope everyone is well supplied

Only for the Government of Canada if you live in Canada from http://laws-lois.justice.gc.ca/eng/acts/C-52/FullText.html

Melting Coins
Marginal note:Melting down coins

11. (1) No person shall, except in accordance with a licence granted by the Minister, melt down, break up or use otherwise than as currency any coin that is current and legal tender in Canada.
Marginal note:Offence and punishment

(2) Every person who contravenes subsection (1) or any condition attached to a licence referred to in that subsection is liable on summary conviction to a fine not exceeding two hundred and fifty dollars or to imprisonment for a term not exceeding twelve months or to both, and, in addition to any fine or imprisonment imposed, the court may order that the articles by means of or in relation to which the offence was committed be forfeited to Her Majesty.

R.S., c. C-39, s. 10.

I should add the the penny is still legal tender--

Current Coins
Marginal note:Current coins

7. (1) A coin is current for the amount of its denomination in the currency of Canada if it was issued under the authority of

(a) the Royal Canadian Mint Act; or

(b) the Crown in any province of Canada before it became part of Canada and if the coin was, immediately before October 15, 1952, current and legal tender in Canada.
Marginal note:Defaced coins not current

(2) No coin that is bent, mutilated or defaced, or that has been reduced in weight otherwise than by abrasion through ordinary use, shall pass current.

R.S., 1985, c. C-52, s. 7;
1999, c. 4, s. 11.

So coins that pre-date Canada is still legal tender.

[knibloe]

I have been throwing many of the canadian pennies back. I currently only keep the ones in good shape and the coppers. Should I keep them all? Even the ones in less that mint state?

[ZenOps]

Its over! Now I can finally deposit all the ickies and "barely recognizable as a penny" pennies.

The great copper melt of 2013 has begun (the great nickel melt already started in 2007)

[NHsorter]

I have been throwing many of the canadian pennies back. I currently only keep the ones in good shape and the coppers. Should I keep them all? Even the ones in less that mint state?

Ever since they announced that they would discontinue the penny, I have been saving all of the ones that I have come across. Don't know if that is wise or not, but it is what I am doing. I probably have about $25 FV of non-copper at this point, so it is not like I am tying up a bunch of cash.

[JadeDragon]

Its over! Now I can finally deposit all the ickies and "barely recognizable as a penny" pennies.

I deposited 4 rolls of crap pennies the other day marked them "Damaged, Do Not Circulate" Be sure to ask at your friendly bank for those nice $25 bags with the bar codes on them. Really nice to not have to roll any pennies any more.

I'll be dumping over $1500 in Canadian and American zinc and Canadian steel. Not going to keep the stuff that is not copper.

[hobo finds]

As far as the rounding looks like if the total is .01 or .02 it gets rounded down to .00 And for .06 ot .07 rounded down to .05 So pay exact change for .03, .04, .08 and .09

[hobo finds]

http://www.ctvnews.ca/canada/penny-prof ... -1.1141882

[JadeDragon]

As far as the rounding looks like if the total is .01 or .02 it gets rounded down to .00 And for .06 ot .07 rounded down to .05 So pay exact change for .03, .04, .08 and .09

This is the government's suggestion. I saw on TV a study reporting that a third of retailers (who know what they are doing) plan to round the total down all the time (to the benefit of the customer). Small cost to the retailer for a nice [erceived value benefit to the client. Think of all the time spent NOT counting pennies at the till though! All those saved seconds will add up.

[TwoPenniesEarned]

I convinced one of our local banks to surrender $112.85 today! All of the tellers chipped in and emptied the tills! Woohoo!

[uthminsta]

Think of all the time spent NOT counting pennies at the till though! All those saved seconds will add up.

Eventually. But not at first, when they have to explain it to every customer. Over and over. And over and over.
But seriously, won't they have to ask every time whether they are paying in cash or credit or check, since the total would then be different? I don't know whether this has been mentioned before, but wouldn't they have to do that?

[hobo finds]

I convinced one of our local banks to surrender $112.85 today! All of the tellers chipped in and emptied the tills! Woohoo!

I think that most banks would rather give them away for face value than pay to ship them out...

[John_doe]

http://money.msn.com/business-news/arti ... d=16078198

[SilverDragon72]

So the great penny melt in Canada has begun....happy to say I was able to get my hands on some!

[frugi]

i bet copper market price is going to slump for the next several months or longer.