Canadian Government Scraps Pennies

[scyther]

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

Wow, nice... enjoy that while it lasts!

[gresham]

Does anyone know how that is working for Canada now that they aren't using pennies? I think the zinc lobby keeps the penny going in this country.

[MetalJunkie]

We are still using them in circulation. Even after the RCM pulls them from circulation they are still accepted. So i can still go and spend 5 at a time or 10 instead of a nickel or dime. They will always be legal tender but they are just hoping to phase them out

[uthminsta]

They will always be legal tender...

Are you sure?

[henrysmedford]

They will always be legal tender...

Are you sure?

From --http://www.mint.ca/store/mint/learn/eliminating-the-penny-6900002

The penny will retain its value indefinitely and can continue to be used in payments. However, as pennies are gradually withdrawn from circulation, price rounding on cash transactions will be required.

[uthminsta]

Oh. Stupid question asked, smart answer received. Thanks Joe!

[hobo finds]

When price rounding happens, I wonder how people will feel about it!


•The penny will retain its value indefinitely and can continue to be used in payments. However, as pennies are gradually withdrawn from circulation, price rounding on cash transactions will be required.

[scyther]

All I know is, I really hope one of the mint employees makes a video of them being melted. I want to see that so much. Do they just put them all in a gigantic pot? Mmm...

[John_doe]

They will always be legal tender...

Are you sure?

From --http://www.mint.ca/store/mint/learn/eliminating-the-penny-6900002

The penny will retain its value indefinitely and can continue to be used in payments. However, as pennies are gradually withdrawn from circulation, price rounding on cash transactions will be required.

might be a good idea to hoard the zincs and steel cents for those pesky round up situations.


might save a lot of money over the long run.

[uthminsta]

Of course, I just sold $18 face in the last KSA. That may be one I regret in the long run.
Nah. I can't collect everything.

[hobo finds]

35,057,994,680 of them made not counting proofs and 2012's http://www.mint.ca/store/mint/learn/1-cent-5300004 How long before they are all gone?

[scyther]

35,057,994,680 of them made not counting proofs and 2012's http://www.mint.ca/store/mint/learn/1-cent-5300004 How long before they are all gone?

Wow... I wonder how many will end up being melted. I hope we eventually hear an estimate of that from the mint or whoever's melting them.

[JadeDragon]

I've yet to see a round up or down or any shortage of pennies yet in Canada.

[MetalJunkie]

Im Currently still getting boxes no questions asked. I dont think the banks really care. If customers are bringing them in, im sure they dont mind selling them out to me

[frugalcanuck]

Some banks are always happy to get rid of penny boxes.
I have one bank that will only save me their nickles if I clean them out of pennies as well. I guess its good to play hard to get sometimes. Makes the bank look forward to you showing up.

[SilverDragon72]

Well, I'm glad to have a small stash of these. I acquire them at my LSC when they have 'em. That's about it. Same with the Canadian nickels too.

[ZenOps]

Yup, no shortage of pennies. I too, have to bargain with the tellers for me to *take* pennies when I come to get my pickup of nickels.

Beaver > Maple leaf.

[scyther]

Anyone seeing a shortage yet? Just wondering since it's been 8 months since the last time new ones were made...

[Romalae]

Anyone seeing a shortage yet? Just wondering since it's been 8 months since the last time new ones were made...

For those of us in the United States, I think the Canadian process of phasing out the penny will be a good model for us to follow when our Treasury eventually gets rid of the penny so we know what to expect. I understand that various European and Pacific nations have already phased out the penny, but I think the Canadian model will be better for us to observe since Canada is much more similar to us in relativity.

[mtalbot_ca]

Anyone seeing a shortage yet? Just wondering since it's been 8 months since the last time new ones were made...

For those of us in the United States, I think the Canadian process of phasing out the penny will be a good model for us to follow when our Treasury eventually gets rid of the penny so we know what to expect. I understand that various European and Pacific nations have already phased out the penny, but I think the Canadian model will be better for us to observe since Canada is much more similar to us in relativity.

In that spirit, I got a good offer from my CU branch. They are willing, when the time comes for them to return the pennies to the mint, to let me buy them under the condition that I do not return the pennies at their branch!

What would you do? It could be mean a lot of pennies!

[henrysmedford]

In that spirit, I got a good offer from my CU branch. They are willing, when the time comes for them to return the pennies to the mint, to let me buy them under the condition that I do not return the pennies at their branch!
What would you do? It could be mean a lot of pennies!

Do you get any return for money sitting in savings in Canadian. We get less than a 1/2% so I would back up the truck. As your cent is still good for ever at face so there is no time limit on how long you have them.

[mtalbot_ca]

Do you get any return for money sitting in savings in Canadian. We get less than a 1/2% so I would back up the truck. As your cent is still good for ever at face so there is no time limit on how long you have them.[/quote]

No real interest rate on savings account. But I would have to rent a truck...

[scyther]

Yeah, I'd take that. I wonder if pennies will be unavailable after a few months (or less) or if they'll still have some lying around years from now at certain banks. I also wonder how long the program of collecting and melting them will continue. After a while they'll get diminishing returns and it won't be worth it to keep the furnaces lit anymore...

[MetalJunkie]

Lately have been getting Mint sealed 2011 boxes .....not sure what to do with them...

[HoardCopperByTheTon]

No real interest rate on savings account. But I would have to rent a truck...

.
I am thinking you won't really need that truck. Due to limited vault space the CU won't be keeping many pennies on hand. It would be like the guys that cleen out their financial institutions of pennies every week.