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Legacy Of The Penny Five-Coin Set

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Pillar of the Community
Canada
6768 Posts
 Posted 10/14/2016  10:49 pm  Show Profile   Bookmark this reply Add Silveroid to your friends list Get a Link to this Reply

Quote:
If a roll of pennies was offered in 2017 at $5, how many people would buy one?


99% of NCLT collectors, as we are would buy.
Didn't we buy 2012 "last pence" for $10 per roll, and then price raised up to $30 and established at $60-$80...

CAD 5 this is the coffee+cookie at Starbucks, or let's say the Roll of penny....both waist of money, but the first we do easily daily or even several times per day
Pillar of the Community
Redzapsid's Avatar
Canada
1571 Posts
 Posted 10/14/2016  10:53 pm  Show Profile   Bookmark this reply Add Redzapsid to your friends list Get a Link to this Reply
I'm not suggesting that the mint should still be making pennies for circulation. There are tons available at dealers but none dated beyond 2012. These were available at face value from banks as they were introduced into circulation.
According the the RCM, the cost of producing the penny is 1.6 cents so clearly that would be a bad idea to keep making them for circulation. However, it the RCM issues 5 coin sets made of silver, I don't see why they wouldn't approve 50 made of copper. If the mint rolled them with a similar style to the farewell rolls, and sold them for the same price as the farewell rolls, they would make a huge profit.
It would cost 80 cents plus the cost of the roll, (they already have machinery for packaging), and would sell for $10.
Those that collect pennies could continue to for 20 cents each coin, 50 at a time. If they limited the mintage to 5000-7500 rolls, I could see a strong market for them. Some people might crack them open to search for high grades to get slabbed, while others would leave them intact. Either way, it'd be a profitable way for the mint to get a younger crowd into the hobby. $10 for 50 coins sure beats $710 for 5 in the eyes of a 10 year old.
At 10 bucks, I'd get a couple rolls of them just so I can continue to give people my 2 cents.
Pillar of the Community
Canada
6768 Posts
 Posted 10/14/2016  10:56 pm  Show Profile   Bookmark this reply Add Silveroid to your friends list Get a Link to this Reply
With given choice, I would prefer 5oz Penny for issue price over new set for CAD 700.
2012 Penny for me - real Farewell item, but the set extremely well done. This is basically my passion in NCLT - to have perfect and new "old" coin.

But taking in account the market price of 5oz Penny - the set will be preferable (and the Big Penny I do have...).

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Redzapsid's Avatar
Canada
1571 Posts
 Posted 10/14/2016  11:01 pm  Show Profile   Bookmark this reply Add Redzapsid to your friends list Get a Link to this Reply
What about a few coins that are gold plated and silver plated put in random rolls? That would make many people break them open to search and would increase the resale value of the rolls as more get opened. Like a coin lotto. Maybe put 100 silver plated and 50 gold plated.
That would sell out for sure. The possibility to get a 1 cent coin with a mintage of 50 would be a cool, especially at $10.
Edited by Redzapsid
10/14/2016 11:17 pm
Pillar of the Community
Canada
2845 Posts
 Posted 10/14/2016  11:17 pm  Show Profile   Bookmark this reply Add wildflowerAB to your friends list Get a Link to this Reply

Quote:

I'm not suggesting that the mint should still be making pennies for circulation.


Rolls of NCLT pennies, can you imagine the stack of COAs just in case the purchaser decided to open the roll?

The Fairwell to the Penny rolls were circulation coin, there's a difference.
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Redzapsid's Avatar
Canada
1571 Posts
 Posted 10/14/2016  11:22 pm  Show Profile   Bookmark this reply Add Redzapsid to your friends list Get a Link to this Reply
Although the 50 cent coin was not formally removed from circulation the same way the penny was, I don't know of any place to get 50 cent coins at face value. I'd call it a NCLT.
I don't see how selling rolls of pennies would be any different.
Not all coins come with COAs. The date would suffice. Anyone who counterfeits a Canada copper penny is giving the government money.
Edited by Redzapsid
10/14/2016 11:25 pm
Pillar of the Community
Canada
6768 Posts
 Posted 10/15/2016  08:30 am  Show Profile   Bookmark this reply Add Silveroid to your friends list Get a Link to this Reply
Crash emergency landing of the new 2017 Penny set on the secondary market?

Offered on ebay for CAD 888.88 with Best Offer + free shipping

Item ID = 222281576500

Although it not correct to judge now, when the set hasn't been offered to General Public yet, so people waiting. But the pattern similar to 2017 Silver Dollar - drop to almost issue price, and staying "one step" above issue.
Pillar of the Community
Canada
634 Posts
 Posted 10/15/2016  09:13 am  Show Profile   Bookmark this reply Add Electrum to your friends list Get a Link to this Reply
Penny profits
Better keep your day jobs if you hope to make any great gains from flipping this set or 99% of NCLT - especially with so many new coins each month...despite low mintages.
It's now all about collecting for the joy of it as it should be.
Valued Member
R4mn33k's Avatar
Canada
204 Posts
 Posted 10/15/2016  12:44 pm  Show Profile   Bookmark this reply Add R4mn33k to your friends list Get a Link to this Reply
TBH, I purchased the penny sets to resell, but I would be more than happy to sell it for $710 plus shipping. My purpose is not to make $ of it, but to maintain my MC plat status so that I can purchase the coins I WANT as issue and not have to pay a premium on those. For example, even if this penny set holds its value on ebay, the purchaser has to pay an approx premium of $100 so that the seller nets the issue price. I purchased 3, if I can sell them all at issue, I got my MC plat for the next year, which is good enough for me. This might be ruining the market for those who want to make a profit however.
Pillar of the Community
Canada
6768 Posts
 Posted 10/15/2016  4:31 pm  Show Profile   Bookmark this reply Add Silveroid to your friends list Get a Link to this Reply

Quote:
I got my MC plat for the next year, which is good enough for me. This might be ruining the market for those who want to make a profit however.


When the market will be destroyed "enough", will be no single coin, that you wouldn't be able to get for discount later
Valued Member
Mikesnickname's Avatar
Canada
115 Posts
 Posted 10/15/2016  10:57 pm  Show Profile   Bookmark this reply Add Mikesnickname to your friends list Get a Link to this Reply
Anyone know of any dealers taking orders for this item to the general public.
Pillar of the Community
Canada
2845 Posts
 Posted 10/15/2016  11:28 pm  Show Profile   Bookmark this reply Add wildflowerAB to your friends list Get a Link to this Reply

Quote:

Anyone know of any dealers taking orders for this item to the general public.


Try Cdn Coins and Currency. It's still available at issue price to VIP members, not sold out yet. They're generally very accommodating.
Valued Member
Mikesnickname's Avatar
Canada
115 Posts
 Posted 10/16/2016  01:18 am  Show Profile   Bookmark this reply Add Mikesnickname to your friends list Get a Link to this Reply
@wildfireab

I know cc&c has them available but I'm not a VIP :(
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Looney4Numi's Avatar
Canada
659 Posts
 Posted 10/16/2016  06:15 am  Show Profile   Bookmark this reply Add Looney4Numi to your friends list Get a Link to this Reply
Too bad the RCM did not stay true to the original design of the first three coins. The numbers are spelled out on these originals, and look much nicer, imo. This set would be more historically significant if they hadn't made the change.

Compare these original one cent images to the 2017 Penny Set:
Legacy-Of-The-Penny-Five-Coin-Set
Still a beautiful set, though.
Valued Member
Proof Nut's Avatar
Canada
393 Posts
 Posted 10/16/2016  07:14 am  Show Profile   Bookmark this reply Add Proof Nut to your friends list Get a Link to this Reply
@ Loony4Numi take a look at any of the reproduction sets such as the 2010 75th anniversary of the Voyageur Dollar or 1911 set.

When the original coins they represent were produced there was no official policy on bilingualism. Numerical numbers don't need a translation.
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