Canadian Government Scraps Pennies

[JerrySpringer]

So, can Canadians melt down their pennies now that they are being phased out? Curious to see how that plays out because if the US gov decides to scrap the penny, two tiers will happen I bet. Overnight scramble to get any cents because of the specter of them being more "valuable" now that they are not being minted and a second tier of people realizing the copper in them is real and fungible ala like silver coins.

[henrysmedford]

So, can Canadians melt down their pennies now that they are being phased out?

In Canada you only own the value stored in the coin but not the coin.

From--http://www.mint.ca/store/mint/customer-service/faq-1100010#Q1

Is it illegal to melt or deface Canadian coins?
The Currency Act and The Canadian Criminal Code clearly state that no person shall melt down, break up or use otherwise than as currency any coin that is legal tender in Canada.

and from-- http://laws-lois.justice.gc.ca/eng/acts/C-52/page-2.html#h-8

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.

and from http://www.mint.ca/store/mint/learn/faqs-consumers-6900004#.Uostw42E4kI

Yes. The penny will retain its value indefinitely. As such, consumers can use pennies for cash transactions with businesses that choose to accept them.

[scyther]

I wonder what "current" means. They are legal tender, but are they still current? I would tend to think not. Is it legal to melt Canadian silver coins in Canada?

Anyway, even if it's never legal, you can at least export them to melt.

[68Camaro]

I wonder what "current" means. They are legal tender, but are they still current? I would tend to think not.

Don't you have to have a reason to "think not"? What's your reason?

They still work in commerce. You can still trade 100 of them at a bank for a dollar bill. I wonder what "think not" means.

[henrysmedford]

I wonder what "current" means. They are legal tender, but are they still current?
Anyway, even if it's never legal, you can at least export them to melt.

From---http://laws-lois.justice.gc.ca/eng/acts/C-52/page-1.html#docCont

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.

So this is still a Current Coin.

[scyther]

I wonder what "current" means. They are legal tender, but are they still current? I would tend to think not.

Don't you have to have a reason to "think not"? What's your reason?

They still work in commerce. You can still trade 100 of them at a bank for a dollar bill. I wonder what "think not" means.

In this context, "think not" means "I think Canadians pennies (may) not be considered current". It means the same thing (in any context) as "not think so" or "think otherwise". It's a rather common expression.

My reason for thinking not is that the mint doesn't make them anymore and doesn't distribute them anymore. Most stores don't give them out in change anymore. Most banks don't have them anymore, and they're being melted en mass. They're not really part of the current coinage system. A (US) 2-cent piece is still legal tender, but since they're not currently used, I thought they may not be considered "current". Apparently I was wrong.

[scyther]

I wonder what "current" means. They are legal tender, but are they still current?
Anyway, even if it's never legal, you can at least export them to melt.

From---http://laws-lois.justice.gc.ca/eng/acts/C-52/page-1.html#docCont

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.

So this is still a Current Coin.

Thanks.

[scyther]

It's been one year now, so at the risk of being annoying, I'll ask again:

Are any banks still giving out pennies? Any businesses still giving them out in change? Has the price of copper pennies increased? Has anyone been able to sell non-copper pennies for over face value? Any information about how many pennies have been destroyed?

[johnbrickner]

I can't answer any of your questions but here in upstate NY, there are still more CA pennies in a roll than wheats and I save all the Cu and stainless (for I'm not sure what reason yet,) but still thinking it would make some cool scale mail.

[knibloe]

I can't answer any of your questions but here in upstate NY, there are still more CA pennies in a roll than wheats and I save all the Cu and stainless (for I'm not sure what reason yet,) but still thinking it would make some cool scale mail.

Same here in western NY. I have not yet seen a decrease in the number of canadian pennies in a bag.

[brexzz1]

Most banks wont give them out. If you look at the donation jars for coins at Tim Hortons and McDonalds you will notice not very many pennies. The transition has been very good. I still have thousands of pounds of Canadian copper left. Slowly selling it here and other places.

[fansubs_ca]

Are any banks still giving out pennies? Any businesses still giving them out in change? Has the price of copper pennies increased?

My credit union still saves them for me when they get them but some weeks I get some,
some I don't, just depends on whether anyone else that deals with the same branch of
the same credit union brings any in that week.

I haven't tried any banks in the last year, the big 5 were quite adamant about not giving
out any more, so if I branch out my sourcing it will be to other credit unions or the smaller
banks.

I have not gotten any in change from any bussiness for quite some time. When I spend
some steel core pennies the clerks notice, most places take them but a few don't, pretty much the same as the last time I reported in on it.

Like brexzz1 I haven't been seing them in donation jars anywhere so most of the general
public seems to be tapped out. Also since nobody is getting them in change for those of
us that still posses them they aren't "extra" change.

I haven't sold any copper, for the amount that I do have I'll most likely hang onto them
for the long haul. It's not like i'll be getting (many) more at this point.

I had one person express an interest in even my steel pennies but that's at face, when I
catch up my sorting I'll put together some for them in $50 increments. (The most that's
safe to deliver to them transporting them in my bike basket, that's about where the
basket starts wobbling. ^_-)

I do have one friend that got another friend to import him a roll of U.S. cents so he can
pay exact where it's to his advantage.

I can't answer any of your questions but here in upstate NY, there are still more CA pennies in a roll than wheats and I save all the Cu and stainless (for I'm not sure what reason yet,) but still thinking it would make some cool scale mail.

Probably the same ones recirculating because nobody other than us pulling them out.
Kinda like why I'd more easily find wheat pennies in Canada than in the U.S. back before
the discontinuance. Nobody up here other than a few people like me were specifically
pulling them out of circualtion. (Canadian coin shops wouldn't buy them like U.S. coin
shops would so you really couldn't sell them above face without taking them back to the
U.S.)

I'm pretty much keeping my copper and (very) slowly spending the steel ones, may offer
some to friends at some point. As for zinc Canadian cents I still haven't decided whether
to hoard or disperse them. I'm thinking I sould leak the zinc ones into the U.S. so they'll
stay in circulation longer. ^_^

[scyther]

Are any banks still giving out pennies? Any businesses still giving them out in change? Has the price of copper pennies increased?

My credit union still saves them for me when they get them but some weeks I get some,
some I don't, just depends on whether anyone else that deals with the same branch of
the same credit union brings any in that week.

I haven't tried any banks in the last year, the big 5 were quite adamant about not giving
out any more, so if I branch out my sourcing it will be to other credit unions or the smaller
banks.

I have not gotten any in change from any bussiness for quite some time. When I spend
some steel core pennies the clerks notice, most places take them but a few don't, pretty much the same as the last time I reported in on it.

Like brexzz1 I haven't been seing them in donation jars anywhere so most of the general
public seems to be tapped out. Also since nobody is getting them in change for those of
us that still posses them they aren't "extra" change.

I haven't sold any copper, for the amount that I do have I'll most likely hang onto them
for the long haul. It's not like i'll be getting (many) more at this point.

I had one person express an interest in even my steel pennies but that's at face, when I
catch up my sorting I'll put together some for them in $50 increments. (The most that's
safe to deliver to them transporting them in my bike basket, that's about where the
basket starts wobbling. ^_-)

I do have one friend that got another friend to import him a roll of U.S. cents so he can
pay exact where it's to his advantage.

Thanks for the update.

[goldensilveronline]

Very interesting indeed. but who care about it.

[Thogey]

Very interesting indeed. but who care about it.

Most RC members invest in base metals.

This forum is composed of many who stack copper cents.

Canadian cents demand a premium due to their purity and maybe soon, scarcity.

[dannan14]

Very interesting indeed. but who care about it.

You replied on the 12th page of the thread....

[scyther]

Very interesting indeed. but who care about it.

You replied on the 12th page of the thread....

Also the reply is totally generic (could be said about any topic) and in broken English, not to mention being a complete contradiction. I think this is a bot or something.

[millermaher2016]

I can't answer any of your questions but here in upstate NY, there are still more CA pennies in a roll than wheats and I save all the Cu and stainless (for I'm not sure what reason yet,) but still thinking it would make some cool scale mail.

Please forgive my ignorance, but what is "scale mail"?

[dannan14]

I can't answer any of your questions but here in upstate NY, there are still more CA pennies in a roll than wheats and I save all the Cu and stainless (for I'm not sure what reason yet,) but still thinking it would make some cool scale mail.

Please forgive my ignorance, but what is "scale mail"?

A type of armor made by attaching thousands of small pieces of metal to a hardened leather base. Its appearance is similar to fish scales. http://en.wikipedia.org/wiki/Scale_armour

[JadeDragon]

22 Minutes humorous take the penny phase out. https://www.youtube.com/watch?v=0mS5Q52N43c

[fansubs_ca]

22 Minutes humorous take the penny phase out. https://www.youtube.com/watch?v=0mS5Q52N43c

LOL! That's awesome sticking it to the penny deniers! ^_^

I have had the occassional clerk try to talk their way out of accepting pennies.

The guy at Mac's was a bit reluctant to accept my exact change but eventually
accepted it. Costco seems to have no problem accepting pennies from those
of us who have them.

Next time I should just use my Amex and make the store pay merchant fees.
Usually Amex is the most expensive to process. ^_-

BTW, glad to see you back, I notice you were inactive for a while.

[henrysmedford]

22 Minutes humorous take the penny phase out. https://www.youtube.com/watch?v=0mS5Q52N43c

Sad at will not play in the USA.

The uploader has not made this video available in your country.

[John_doe]

I have to get my occasional supply update. where are you guys at on percentages of .999 nicks and copper cents?

[SilverDragon72]

I stopped into my LCS and was able to get at least 10 pounds of Canadian coppers and a decent size pile of .999 Canadian nickels.....at FACE value!

Happy with this little score!

[henrysmedford]

Newfoundland singer-songwriter pens lament for Canada’s lost penny

Newfoundland singer-songwriter Liam Peacock released a new song today, dedicated to Canada’s lost penny.

“They’re all scrap copper now,” he sings in the video embedded below.

Canada announced almost a year ago that the penny would be discontinued and Feb. 4 marks the day when retailers will begin rounding them up, never to be seen again.

A few other cute send-offs are appearing across the country, too. Others are less sympathetic, though.

Listen to Liam Peacock’s “1,800 Coins” below.