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 Replies: 68 / Views: 26,376 |
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Valued Member
Canada
262 Posts |
Quote:
• An alloy recovery program was introduced in 2003. Under this program all coins minted
prior 2001 are melted and the alloy recovered sent for sale to a metal dealer. The coins
are replaced with newly minted multi-ply coins. Revenue from the program reached
$8 million in 2004, contributing $5.4 million to operating income. This process also
reduces the number of solid alloy coins in the marketplace, facilitating the acceptance
and processing of coin-driven vending mechanisms. http://publications.gc.ca/collectio...71-2004E.pdfQuote:
The 25 cent coin exchange thing is perverse. Little known to the public - is that the Mint through ARP (alloy recovery program) has been culling all of the pre-1999 pure nickel quarters for several years now.
By my estimate, you will find about 10% of pure nickel quarters in a circulation roll nowadays, the other 90% are post 2000 Steel cored quarters. It will be only a matter of a few years before you will not be able to find any pre-1999 quarters. As is now, the ARP are leaving nusimatists to the nickel nickels, but they will eventually get to those as well.
Its like bringing in gold to exchange for copper, when you exchange a 25 cent piece made of nickel for a 25 cent piece made of iron. Quote:Well I believe I have found why CRH is less successful in Canada, at least for me (your mileage may vary). I don't do a lot but I get plenty of skunks and very few silver. In another forum I ran across a mention of the Alloy Recovery Program run by the Royal Canadian Mint. A quick Google and I find that the Royal Canadian Mint is actively searching coins taking anything pre 2001 out of circulation and recovering the valuable metals and replacing the removed coins with new ones (of course, made out of cheaper metals). In their annual report they boast about how much money they make ($8 million per year!). This program has been in place since 2003. So it seems I have gotten lucky on some that were missed (unlikely) or I have hit some before they make it to the coin processors. I don't know about other Canadians but this really throws a dent into my enthusiasm for the hobby. It looks like coin processors (Brinks for example) have to sort their coins to take oldies out of circulation. Couple of links of interest. https://brinksca.tms.hrdepartment.c...6&lcid=en-US [Dead link] http://dsp-psd.pwgsc.gc.ca/Collecti...71-2004E.pdfhttp://www.cbc.ca/news/background/r...0060426.html http://www.treasurenet.com/forums/c...program.htmlI didn't know about this, also, I don't think they're bothering with post mid-1968 dimes from personal experience along with nickels [and pennies until they're all withdrawn this fall]. Just wanted to inform others of what's going on in this country. Edited by MercuryDime
06/27/2012 6:14 pm
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Valued Member
Canada
220 Posts |
My experience would tend to agree with what you're saying. Becoming less & less common to find nickel quarters, whereas there seems to be a fair amount of them still in nickel & dime rolls. I don't even bother with searching quarter rolls any more...
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Pillar of the Community
Canada
1192 Posts |
They are indeed pulling nickel coins (5c, 10c, 25c) from circulation. Other than the nickels, the face value of the coins are higher than the nickel they contain. However, when you can take a nickel 25c piece, melt it for the ~8 cents worth of nickel, then issue a steel quarter in its place for a couple cents (maybe even less), that is instant profit at a fairly high margin even after labour and costs are considered.
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Valued Member
United States
76 Posts |
May I ask what the metal dealers are doing with the nickel? Who are they selling it to? Is there much demand for it nowadays?
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Valued Member
 Canada
262 Posts |
Nickel is down from its all-time high in 2007, but it's still trading at $7.3501/lb at present prices and there is a great demand for it, mainly in stainless steels.
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Pillar of the Community
Australia
2830 Posts |
But, how do the older coins get back to the mint ?: someone, somewhere has to sort a lot of coins to find the 10% discussed above.
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Pillar of the Community
Canada
695 Posts |
While CRH dimes I have NEVER had a problem finding older coins. Every time, I find at least 1 silver, and MANY pre 1999. That being said, I picked up a box yesterday. After reading this post, I opened said box and low and behold the oldest dime in the box was 2001. What a disappointment.  This thread ruined everything! and it is all you fault MercuryDime. I hope that you are happy with yourself.  |
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Valued Member
Canada
62 Posts |
If they're all being melted down, this is going to increase the value of the remaining coins, no? Time to start collecting.
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Valued Member
Canada
262 Posts |
@Peter THOMAS, they're slightly heavier and companies like Brinks are REQUIRED to send them back to the mint for the cheaper new ones. Also, of course the silver ones aren't magnetic so that is very easy to do.
@middross, it's a gradual process, also, I find nickel 1968-1999 dimes as well, they more focus on quarters. You're very lucky you find that many silver dimes but you shouldn't expect something like that to continue, CRH is random and gets harder as time goes on.
Edited by MercuryDime
06/28/2012 2:53 pm
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Pillar of the Community
United Kingdom
837 Posts |
Interesting thread ! Over here the Mint has also started a similar program with our 5p and 10p coins - I had always wondered were they got the idea from ........  Edited by DaytR
06/18/2013 2:08 pm
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Pillar of the Community
Canada
3692 Posts |
Maybe those 1999-2000 quarters may be getting scarcer afterall! Of all things... I think that if the September 1999 quarter ever becomes worth more than a dollar that's when I'll be selling my collection and never looking back.
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Pillar of the Community
United Kingdom
837 Posts |
Probably within the next couple years , but if you hang onto them for slightly longer they might be worth a lot more especially when new collectors start ramping up the demand for them once they realize you cant get them in rolls .....
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Valued Member
Canada
250 Posts |
I am just a newbie at this, but if they are melting down all these coins, then how true are the figures for the mintage of these coins in coin books? I am so confused.  |
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Valued Member
Canada
387 Posts |
Hey windychimes,
The mintage numbers are based on how many were produced for most part. How many exist after all factors including ARP are taken into account are anyones guess I think.
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Pillar of the Community
Canada
1723 Posts |
Quote:
if they are melting down all these coins, then how true are the figures for the mintage of these coins in coin books? Quote:
The mintage numbers are based on how many were produced for most part. How many exist after all factors including ARP are taken into account are anyone's guess I think. It truly is anyone's guess. We will find out over time when other collectors join the ranks and we discover which ones are just hard to get. Then supply and demand will begin to dictate. |
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Pillar of the Community
Canada
1723 Posts |
@ Mercury Great OP!  |
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Replies: 68 / Views: 26,376 |
Posted 06/27/2012 7:08 pm
