Buying King George VI Pennies For Face Value

It probably depends on the location in the US. In Palm Springs, I spent an afternoon making a mission of hitting the coins shops. In every case, selection was poor, and prices were very high, even though the shop keepers said they were "negotiable." There was nothing worth negotiating on.

In other places, perhaps Florida, maybe NY, it would make more sense.

Then again maybe not. I'd have no second thoughts on buying at that price but I'd feel kinda greedy if I took them all because then other collectors who might like them miss out. So I'd buy maybe 70% of them or so probably.

Understand you're doing the dealer a HUGE service here taking the Canadian currency.

#1) The U.S. dollar has greater value right now ... so you should be looking to incorporate the exchange rate into the transaction.

#2) Cdn coinage isn't widely accepted throughout the states. Sure some gets through but the banks won't accept the coinage. That means this dealer if he/she has a large amount is basically stuck sitting on a bucket of metal waiting for someone who is interested. I have in the past for more common date material bought canadian coinage at 70% face and that's when our dollar was close to par.

I would look at trying to negotiate somewhere between 50 and 70% of face at that point you're STILL doing them a huge favour.

I went back to this shop earlier today but they were all out of Canadian pennies. Someone had cleaned them out. In their world coins bin, I did find a 1905 Canadian large cent and two King George VI pennies which the dealer sold to me for face value, and the 1905 for 25 cents.

I will have to keep checking in with this shop since they said they get pennies often. I won't let this opportunity slip by me again.




Yes, that is correct.

Just my opinion but I frequently notice auction after auction of circulated George VI cents for less than a buck a piece going unsold on ebay. Most collectors are sitting on a pile of old pennies, they're by no means scarce. Unless one happened upon higher grades the cost and effort to sell lower grades is hardly worth it, the market is obviously weak at this time.

King George VI pennies are not common in circulation, and while they minted so many of them, there is a market.

Just to show how many George VI cents are around,
There is a dealer in Niagara Falls who is trying to sell 25,000 in 500 coin bulk bags.
Says they are EF-AU grade.
Lots of coin searching there.

He didn`t give a price, he just said to call with an offer.