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Pillar of the Community
United States
997 Posts |
Is it actually illegal to melt pennies and nickels in Canada? I know it is here in the USA but I am not aware that it is in Canada. It would be silly to be illegal since the RCM is doing a great job of doing so themselves. Update: It appears that it is indeed illegal to melt coins in Canada, not only pennies and nickels but any legal tender coin (of which the penny still is). Seems silly but I suppose there is a good reason for it. Edited by n9jig
12/18/2015 12:49 pm
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Pillar of the Community
 Canada
5394 Posts |
Dump them and put the money into Silver, or buy a couple of nice dinners.
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Moderator
Canada
10458 Posts |
I know a dealer who pays above face for those coins. I usually get $110 for every $100 face value from him...
"Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
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Pillar of the Community
 Canada
1051 Posts |
I thought about the comments posted here, and traded them for paper at the bank. The idea of shipping 40 pounds of nickels (IF I could even find a buyer) did not especially excite me!
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Valued Member
United States
214 Posts |
Interesting question. If I may add a twist, at what year would people stop dumping nickels (i.e returning them to the bank)? 1964 and earlier? With 1965-1981 off to the bank?
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Pillar of the Community
Canada
1051 Posts |
^ I'd get rid of anything post-1952 (King George VI). Everything from the Elizabethan era in worn condition is basically a spender, IMO. Edit: except the silver coins, of course  Edited by 1cent
12/19/2015 1:26 pm
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Pillar of the Community
Canada
1984 Posts |
SPP
Does the dealer who over face for these come to coin expo?
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Valued Member
United States
214 Posts |
With mintages under 10 million for 1955-1958, I wouldn't take any 1955-1958 nickels to the bank for ARP to haul them off to be melted down. I don't actively collect these years as I'm focused right now on KG V nickels but I'd pay 2x face value for 1955-1958 with out really a second thought. When buying KG V nickels, I try to pay no more than 5x face value (actually more because I calculate in USD and the rate of exchange isn't something I'm figuring into my calculations). |
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Moderator
Canada
10458 Posts |
Quote:
Does the dealer who over face for these come to coin expo? Yes he does, Hub City Coins (Fraser Frizzel). Although Fraser usually flies to that show, I am sure the Bells would haul it back to Moncton for him. It does not have to be rolled, it is basically by weight. I would imagine he would require a certain face value, I usually make it easy for him and do it in batches of $100 face value. I usually send him a courtesy email prior to the shows, just to give him a heads up, and to see if he is still buying. "Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
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Pillar of the Community
Canada
1051 Posts |
Quote:
I'd pay 2x face value for 1955-1958 with out really a second thought. Perhaps I grow cynical and elitist as time goes on, but at $30-50 for any of the early dates in dazzling MS-65 condition, I see no reason to even bother. |
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Valued Member
United States
214 Posts |
@1cent you have a point that there is no signifcant monetary reason to hoard 1955-1958 nickels in lower grades when MS-65 examples exist at cheap prices. The reason I'd buy them 2x face value is that I think it would be fun to search these years and do a die study. The mintages aren't so large that a die study would be a daunting task to do. Will I live long enough to ever to have the time to look at these years...who knows but at least I'd have them on hand to play with in the future if I ever get bored.
IMO there is a sense of discovery in (variety) coin collecting that is difficult to replicate in other ways in modern life. Looking for needles in haystacks is a numbers game so buying large lots of unwanted coins makes it an affordable way to enjoy the hobby. If someone would sell them to me for face + shipping that would be better but roll hunters and former hoarders should get some compensation for their time -- so 2x face seems like a fair price to pay.
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Valued Member
United States
214 Posts |
Just thought I'd follow-up with a recent ebay sale of 60 rolls (2400 nickels), mainly KG VI which sold for $325 US after shipping which is about 13.5 cents US per nickel. My point is that there definitely is a market for KG VI nickels and that it is a little silly to cash them out at face value. http://www.ebay.com/itm/60-Canada-F...p=true&rt=ncBTW - I wasn't a bidder nor a seller in this sale. Edited by aswag
01/14/2016 09:52 am
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Bedrock of the Community
Canada
10743 Posts |
Wow!, I just took ours back to bank a few weeks ago....  But, did buy some Newfoundland coins with the proceeds.  Edited by SHAFTA9a
01/14/2016 2:23 pm
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Valued Member
Canada
320 Posts |
I just dumped my hoard last week. I figured $700 payment on the credit card bill will save me a lot of money on the interest rates... Why bother hoarding it to hopefully gain a small percentage in the future when I can save a large percentage now.
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New Member
Canada
8 Posts |
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Replies: 22 / Views: 4,764 |
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First Page
Posted 12/18/2015 12:07 pm
