Looking For A 2006-P Non Magnetic Cent

I agree with cdncoinman. Not as many hard core collectors out there have interest in modern coins because they know that a modern coin that is thought to be 'rare' one day, may not be very valuable the next.
As an example, in 2008, the Canadian Numismatic Company had a magnectic 2006 no P, no mint mark coin up for auction. It was an
MS-60Br., and it sold for $600 + the buyer's premium. Now, this coin is probably worth around $50.00. That's why I'm going to hold off on bidding on these 2006P nonmagnetic coins that people are paying top-dollar for on ebay. Just because the 2006 P nonmagnectic penny is highly sought after now, it may sucuum to the same fate as the 2006 magnetic no P, no logo. This is less likely to happen with 'older coins', as these coins have been agressively tracked by collectors for decades.

I understand that some (maybe all?) of these coins have been found in magnetic rolls. Perhaps, and not surprisingly, the mint mishandled a few planchets and they ended up in the wrong machine.

The fact they are intermingled may go a long way to explaining why there are no low grade examples certified....because these days, nobody opens a 2006P roll without pulling out their magent at the same time. (and how many low grade 2006P magnetics do we see anyway?). I suspect that the population will grow as the last 2006P rolls are cracked. But how many of these are left? And if 73 have been found so far, and let's assume 150,000 of tbe P cent rolls have been cracked (3000 rolls), that means we should only expect one coin in 40 rolls from what is left. That is a really low batting average if you are paying $400+ for an unsearched roll. And that suggests only 20 or 30 more to come.

No doubt there is risk in buying this early, but the P mint mark is sought after already and I think the number of unchecked coins is probably relatively low.

The real question is "how many collectors of Canadian cents or coins will spend $1000 for one?" And that is a very good question. I don't know the answer, but the answer is no doubt that there are fewer than the 18,000 who will pay $1,000 for a 48 dollar. But the chances of there being anything close to 18,000 2006P cents is pretty much zero.

I wouldn't be surprised if there were 50 to 100 people who would buy these cents....there are obviously about 20 or more on ebay in the last two weeks. I think that a price of $1,000 to $2,000 is starting to look reasonable.

On a more serious note, if these non-magnetic 2006P were indeed mixed into 2006P rolls, I predict most of them got cracked at Safeway, McDonald's, London Drugs, etc. Collectors have a lot of influence, but they can't possibly be there whenever a new roll is cracked in a store. That means I'm never paying $1000. I'll hit the bank, have fun, and pull some copper while I'm at it. If I never get one this way, I can live with that.

There should be at least a few hundred more out there, since roll-searchers (with a magnet) have been through very little of our circulating coinage. After all, I very seldom see a bank roll that was completely cleaned out. I also believe the Mint is mindful these days not to produce ultra-rarities. They frequently stamp some year N dates in year N+1. I think there's often a reason, beyond laziness to change the working dies.

Can I ask why the certified population is so frequently cited, as in "only 73 are known to exist..."? What does the certified population have to do with the circulating population? By this reasoning we should be paying big money for the 2006 Magnetic, and those can be obtained for free by a (patient) roll-searcher. Even I got one, and I'm semi-retired from rolls!

... just my .02 (wishing my .02 were a magnetic 2006 and non-magnetic 2006P!)

kitkat: Yes! And you too have a good point about the relatively young age of these coins.

By the way...




sorry... didn't mean to sound like a bank robber! You know what I meant!

I appreciate your opinion bibd. These questions for you and any nay sayers: Keeping in mind that there are thousands of penny roll searchers out there searching daily...
Why have none of them come forward with finds of a circulated 2006P Non Magnetic penny when you say there should be plenty out there?
How many of circulated 2006P Non magnetics cents have you or any others ever seen at auction or anywhere for that matter? None!
How many circulated or certified 2006P non magnetics have you or anyone else ever seen go for auction or ebay auctions? Maybe 3!
We say there are 73 known because we base this on the fact that only 73 have been certified. There isn't a documented case of this coin being found in circulation that anyone knows of.
Lets try to have a clear understanding of the situation.
I have to agree 100% with Smallcentguy!

I appreciate your opinion too, darryldarryl (and I'm envious that you have one!) You ask the right questions. Here are my answers.

Didn't someone report earlier in this thread that he found one in change? I trust him. I don't know how you can "document" his finding.

A lot of roll-searchers don't use CCF. I don't know how they'd come forward. After all, how were the 73 found, and have these lucky people "come forward"?

I fully admit... the market seems cornered on these, and it may get worse. They hardly ever show up for sale.

But here are the hard facts: even 10,000 roll-searchers, each processing 40 boxes a year, for 5 years, equals 5 billion cents.

How many Canadian small cents have been minted? My figures say > 33 billion. Probably 30+ billion are QE II. Most of these will be surviving today. And I don't think Canadian roll-searchers are that industrious. They simply can't search what's sitting in grandma's attic... they're not allowed, because grandma will get upset if her home is broken into. So there's repetition and overcounting in the 5 billion figure.

I don't know how accurate it is, but I'm fairly certain it's an overestimate.

Moreover, I've found the following from rolls: a 2006 no MM magnetic, two 1985 pointed 5, 1964 XWL, numerous wheat cents, and even a handful of George V cents. I'm most likely the first roll-searcher to come across those particular coins.

Agreed... the 2006 P non-magnetic is much rarer than any of that junk... nobody is denying that. But a lack of reported findings does not change my awareness of the astronomical number of Canadian cents out there.

Summary: even if EVERY 2006-P non-magnetic that's been pulled is sitting in an ICCS slab, there are possibly 2-3 times that number that roll-searchers couldn't have found, due to grandma's broom. That's where I get "hundereds". Sorry.

Good morning bibd, you have some very good points.
73 are known and of those how many on this form have found one? Maybe one person.
Therefore we established that people outside this form are finding and grading MS 2006pNM pennies. 73 to be exact!
Why is it that no lower grade then MS 64 hasnt been submitted for grading? I believe that almost anyone out there that finds one will want to have it graded knowing that it is very rare.
Further to that, the gentlemen who claims to have found one of these also claims that he found 3, 2006 magnetics at the same time in the same search. A little hard to swallow if you ask me however I will take his word for it providing that he wouldnt answer my questions and hasnt been back on this forum since. So in saying that, there are 73 known and maybe 1 circulated find = 74
The odds of finding a rare Victorian Canadian coin in Grandma's attic are probably greater than finding a 2006 in that attic. Who in their right mind grabs a handful of current pennies and says "I am going to store these in the attic"?
Yes there will be more found in the coming years! Anyones guess as to how many but as it stands, there are only 73 Known.
We each have valid points and can discuss this till we are blue but the numbers are the numbers to date.

Good point Smallcentguy! Oh yeah,,,are people still paying $1000 + for all of the other thousands of the counterfiet 48's that are out there?