Canadian Government Scraps Pennies

[JadeDragon]

made sticky

[mtalbot_ca]

I saw the first local add (Quebec) related to the demise of the penny today.

Selling S730 FV of pennies, all pre-1980, for $1100.

This is how it begins.

Cheers,

[mtalbot_ca]

In order to fix my typo...

I saw the first local add (Quebec) related to the demise of the penny today.

Selling 730$ FV of pennies, all pre-1980, for 1100$.

This is how it begins.

Cheers,

[highroller4321]

In order to fix my typo...

I saw the first local add (Quebec) related to the demise of the penny today.

Selling 730$ FV of pennies, all pre-1980, for 1100$.

This is how it begins.

Cheers,

I would take that deal!

[Prince By-Tor]

Im glad its gonna mean we can scrap copper pennies i was gonna sell mine but now better off keeping and going nuts sorting till there gone
Its also gonna add value to collecting the oldies so thats always nice to

[JobIII]

Prince are you from Canada? I thought there was a law in place to prevent people from melting pennies in Canada. Pennies may be out come fall, but I haven't heard anything about a melt ban being lifted. (again I may be mistaken thinking there is a melt ban in place in Canada).

~JobIII

[mtalbot_ca]

In order to fix my typo...

I saw the first local add (Quebec) related to the demise of the penny today.

Selling 730$ FV of pennies, all pre-1980, for 1100$.

This is how it begins.

Cheers,

I would take that deal!

For your info, that deal took 15 min to sell. The demand is there and with bank starting to ration, prices might rise a bit more.

Cheers,

[smalltimeopn]

In order to fix my typo...

I saw the first local add (Quebec) related to the demise of the penny today.

Selling 730$ FV of pennies, all pre-1980, for 1100$.

This is how it begins.

Cheers,

Wow!!!!

[henrysmedford]

Today Franklin was putting his 2012 cent into his album and kissed the coin and said we will miss you QEII. Franklin also likes to say I trust the Queen.

[hobo finds]

http://www.ebay.com/itm/LOT-of-3-BOXES- ... 4ab6bb2c26

[mtalbot_ca]

I have yet to see a single 2012 penny in circulation, no wonder, they are sold by the box on feebay.

[Numis Pam]

Today Franklin was putting his 2012 cent into his album and kissed the coin and said we will miss you QEII. Franklin also likes to say I trust the Queen.

+1 that's cute...

[dpwozney]

Canadian Mint’s last penny produced tomorrow

CBC News
Posted: May 3, 2012 8:03 AM CT
Last Updated: May 3, 2012 8:01 AM CT

The Royal Canadian Mint will make Canada’s last penny tomorrow at its Winnipeg plant.

Federal Finance Minister Jim Flaherty will be on hand for Friday’s ceremonial coin strike to mark the end of production of the one-cent coin for Canadian circulation. ...

[ continued at this link ]

[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.

Right now, with the penny still available and in mass circulation, if the dollar was devalued a lot, there would be a run on 98% copper pennies and even 98.4% zinc pennies. About half the pennies minted after 1999 are not magnetic and therefore are not 94% steel and most likely are 98.4% zinc.

Also, if the dollar was devalued a lot and the penny was still to be made, the cost of making even the 94% steel penny would be many, many cents, and too many cents for the RCM.

With at least 25 billion pennies in circulation, at least 250 million dollars worth of pennies, in face value, is being removed to save about $11 million per year.

[henrysmedford]

Canadian Mint rolls out last penny
CBC News
Posted: May 3, 2012 8:03 AM CT
Last Updated: May 3, 2012 9:00 PM CT

Canada's last penny will be made Friday morning in Winnipeg. Canada's last penny will be made Friday morning in Winnipeg. (Andrew Vaughan/Canadian Press)
The Royal Canadian Mint will make Canada's last penny Friday at its Winnipeg plant.

Federal Finance Minister Jim Flaherty will be on hand for the ceremonial coin strike to mark the end of production of the one-cent coin for Canadian circulation.

Flaherty announced in his budget last month that the government is eliminating the penny from Canada's coinage system, citing low purchasing power and rising production costs

The government will phase the penny out starting this fall, when the Mint will stop distributing the coin to financial institutions.

Over time, that will lead to the penny effectively becoming extinct, although the government has noted that one-cent coins will always be accepted in cash transactions for as long as people are holding on to them.


As well, credit, debit and cheque transactions will be unaffected, so one cent will be the base unit of Canadian currency.

The ceremonial last strike of the penny starts at 11 a.m. CT on Friday at the Mint's coin production facility on Lagimodiere Boulevard in Winnipeg.

[Mauserman]

I think it says change will be coming for the U.S. cent sooner rather than later. I might have to do another box soon...

[hobo finds]

over $113 a box now for the 2012's http://www.ebay.com/itm/2012-MINT-SEALE ... 4d00e456d6

[frugi]

Prince are you from Canada? I thought there was a law in place to prevent people from melting pennies in Canada. Pennies may be out come fall, but I haven't heard anything about a melt ban being lifted. (again I may be mistaken thinking there is a melt ban in place in Canada).

~JobIII

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). Basically, in my opinion unless you are dealing in 10's tons of Canadian copper cents a month, and smelting them at that rate, I doubt Canada would trek into the USA to prosecute an American for high crimes against the crown, especially for pennies. You never know though, it is considered property of the crown forever, so tread softly is my opinion.

[JobIII]

Just to be clear. I have no intention of melting Canadian pennies.

[dpwozney]

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.

What Canadian law is being broken when an American holds or stores Canadian coins in the U.S.A.?

According to this link, “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”.

Who exactly is the Sovereign? The Queen is not sovereign. Since the Queen is not sovereign, the Queen is not the Sovereign. The Sovereign is sovereign, by definition.

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). Basically, in my opinion unless you are dealing in 10's tons of Canadian copper cents a month, and smelting them at that rate, I doubt Canada would trek into the USA to prosecute an American for high crimes against the crown, especially for pennies. You never know though, it is considered property of the crown forever, so tread softly is my opinion.

Who exactly is the Crown? According to the Interpretation Act, 1889, passed by the British Parliament in 1889, references to the Crown are references to the Sovereign.

[uthminsta]

“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”.

Well, I am a minister. Does that count?

[RichardPenny43]

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.

Does this mean the sale of Canadian Cu Penny Bullion is illegal w/o a licence? If so, could this be the case in the U.S. in the future?

[dpwozney]

“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”.

Well, I am a minister. Does that count?

In the provided quote, the word “Minister” is referring to the “Minister of Justice and Attorney General of Canada”.

[uthminsta]

In the provided quote, the word “Minister” is referring to the “Minister of Justice and Attorney General of Canada”.

So you're saying it doesn't count?

[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.

What Canadian law is being broken when an American holds or stores Canadian coins in the U.S.A.?

According to this link, “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”.

Who exactly is the Sovereign? The Queen is not sovereign. Since the Queen is not sovereign, the Queen is not the Sovereign. The Sovereign is sovereign, by definition.

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). Basically, in my opinion unless you are dealing in 10's tons of Canadian copper cents a month, and smelting them at that rate, I doubt Canada would trek into the USA to prosecute an American for high crimes against the crown, especially for pennies. You never know though, it is considered property of the crown forever, so tread softly is my opinion.

Who exactly is the Crown? According to the Interpretation Act, 1889, passed by the British Parliament in 1889, references to the Crown are references to the Sovereign.

I dont know, but I came to my conclusion from information on the public website for the Royal Canadian Mint, (RCM).