Canadian Government Scraps Pennies

[mtalbot_ca]

It is a strange feeling. This is my first ''extinction level event'' that I witness first hand. The previous one, in 2002 for the 50 cent coin was nothing to mention, as nobody was using it. But such a familiar piece of metal going out the window is unsettling, I do not know why. Maybe I am getting old and sentimental

[fb101]

Great possibilities for CA Numis........
But for us, we eschew anything the Canadians do that makes sense, like we did with dollar coins.
Pennies will live for a while yet in the US.
But just in case.........
Sort faster!!!!!

[balz]

Does it mean the ban is lifted and I can melt my pennies ?

[John_doe]

if the us government does this there will be scarcity of copper cents and nickel. where ever will physical investors run to for all their base metal bullion needs?

[AGgressive Metal]

Supply is going to dry up fast - sort now or pay more for Cu pennies later from someone who did.

[Z00]

Never mind sorting now. When the Canadian gov starts pulling out pennies in the fall the numi demand for ALL pennies will rise. Stack NOW sort later.

[doug]

I am surprised and disappointed at the withdrawl of the penny from circulation. But this is also the same country that is devaluing their own nickel coinage with steel replacements so they can profit so I guess it is expected.

[ZenOps]

I'm pretty sure that we Canadians took 98% of the nickel out of our nickels, dimes, quarters, dollars and two dollar coins - to supply Britain with the last of our nickel. Canada is now completely steel cored for all of its circulating coins.

Canada is a part of the British commonwealth, and we have an unspoken rule that the Crown gets *everything* if they ask for it. Even at that, the British 5 and 10 pence this year will be debased to steel with a 2% nickel coating as well.

Yup, the colonies of the British have finally run out of precious and semi-precious metals. It was inevitable really. Austrailia also seems to have given up its coinage to the crown, the 1 and 2 cent AUD were taken out of circulation a while ago, the 5-cent cupronickel AUD (2.83 gram) will probably be next.

[CanadianCopper]

Does anyone else feel that they did this primarily to grab all of the copper still out there, rather than for the $11 million in production cost savings?

[Z00]

Both
The alloy recovery program has probably been paying off on nickel and they will just start on copper and zinc now. That plus less steel to buy.

[Ecotic]

Damn this makes me sad, we all know the joy of finding Canadian pennies with their rich copper and tin alloy. Well, at least the good Canadian pennies have been out of production for a while now and the ones that I find in American change are already here. But I guess this means in a year's time new supplies of Canadian coins accidentally finding their way over the border and into my American pennies will cease, thereby marginally reducing my findings of Canadians. Sad day.

[NickelExpress]

Grr i picked a shitty time to change career paths, cant exactly load up on pennies right now, with having no income for the past 3.5 months.

[Lemon Thrower]

http://ca.news.yahoo.com/penny-pinching ... 58962.html

[nero12345]

anyone else find it strange that the same day everyone distracted by the budget release is at the same time that the ROBOCALL inquiry starts with the head of elections Canada in front of the house. didn't hear much about it in the news last night eh. Friggen Pennies, Who`s surprised really, it`s bout time. the money saved will only help us all out right, it won`t just get blown away on some stuiped building built for a summit that no one in the summit went to right. Majority government has been what Harper`s been waiting for for a very long time.

[Diggin4copper]

argh... I just sold about 50 bucks worth of canadians on ebay... drat

[Lemon Thrower]

another article

http://www.theglobeandmail.com/news/pol ... le2386120/

[doug]

LT,

This is already covered in another thread.

[henrysmedford]

The government website has charts of how to round up and down. http://www.budget.gc.ca/2012/themes/theme2-eng.html




Also the mints website has this--http://www.mint.ca/store/news/economic-action-plan-2012-announces-elimination-of-the-penny-14700007?cat=News+releases&nId=700002&parentnId=600004&nodeGroup=About+the+Mint

Canadians can redeem their pennies at their financial institutions or also consider donating them to charities.

[dannan14]

Are they implying that people from Alberta don't eat sandwiches?

[dpwozney]

The dollar can’t be devalued much more with the penny still currently being made and in mass circulation.

Now, when the penny is no longer made and no longer in mass circulation, the dollar can be devalued much more.

With no penny, and with the cost of making the nickel currently about 2.5 cents, the dollar can be devalued to about half it’s present value, before the nickel costs the mint money to make.

[PolishPunisher]

Has there been a run on banks for pennies?

[ThePowersThatBe]

LT,

This is already covered in another thread.

Merged (again).

[crazypennyguy]

Well I guess Canadians will have a harder time searching for coppers once all the pennies are gone

http://www.theglobeandmail.com/news/pol ... le2386120/

Saddening, but inevitable. The bell of inflation has rung for too long a time.

If y'all don't mind a little blog pimp, my full thoughts on the demise of the penny are at my blog.

Git 'em while you can...

[Beervestor]

time to do nothing but sort pennies for the next couple years!

[wheeler_dealer]

What to do with all my Canadian pennies?