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 Replies: 12 / Views: 1,763 |
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Valued Member
United States
360 Posts |
I am faily new to Canadian coins and I've been hearing about magnetic and non-magnetic coins. I am wondering what the difference is and which one is worth more. Any information would be appreciated, thank you.
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Pillar of the Community
Canada
5324 Posts |
there are two planchets for the 2012 penny, a steel and a zinc version, the steel is magnetic, there is tons of both version.
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Pillar of the Community
Canada
9162 Posts |
It's not just the 2012 that have the zinc and steel but all the way back to 2006, it's different in each year.
YN ,you will have too do some research in the treads here and you will find what you need to know.
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Valued Member
 United States
360 Posts |
Alright. Why does the RCM do it like that? |
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Valued Member
Canada
223 Posts |
They tried using plated steel planchets to reduce copper costs and it goes quite a way back. 1999 they released the test set with the 99P (p for plated) for the next few years up to the 2005 set there was a regular and a P release (there are a few mix ups in these years worth note but not relevant to your question), in 2006 they released 3 series - the no mint mark, the P mint mark and the new maple leaf logo - there was a magnetic and non magnetic in each of these but only 2 are valuable, from 2007 on to the 2012 all had only the maple leaf logo and each year except 2008 had a magnetic and non magnetic issued for circulation. Ones to watch for - 2005 magnetic, and 2005 P non magnetic, 2006 no logo no P magnetic, 2006 P non magnetic, 2007 non magnetic was only issued as NC in sets, only 2008 non magnetic is the proof release. All others are about equal value and distribution. Hope that helps a little |
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Valued Member
United States
360 Posts |
Ok, but why do they still make them both is what I'm asking.
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Valued Member
Canada
223 Posts |
they had to use up all the blanks they had made
and they dont make any anymore no more pennies are being minted
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Pillar of the Community
Canada
2366 Posts |
Check the Composition Throughout History section of this article in wikipedia. http://en.wikipedia.org/wiki/Penny_(Canadian_coin) They started with the plating zinc process and then transitioned to plating steel. I would speculate that the zinc ones are still being used to use up supplies that were already purchased, contractual reasons (they may have promised to buy a certain number for a certain period of time to get the manufacturers to develop the process and production capacity), there may not yet be sufficient production capacity for the steel ones, and of course there`s always politics involved (supporting steel producers vs zinc producers etc). |
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Valued Member
United States
360 Posts |
Alright. Thank you everyone, and I heard about the penny not being minted anymore in Canada. Wouldn't that make all the prices for items change, because you can't make anything that doesn't end in a 5 or 0? Or are the pennies still circulating as legal tender?
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Pillar of the Community
United States
1002 Posts |
Quote:
Alright. Thank you everyone, and I heard about the penny not being minted anymore in Canada. Wouldn't that make all the prices for items change, because you can't make anything that doesn't end in a 5 or 0? Or are the pennies still circulating as legal tender? Cash transactions are rounded up or down to the nearest 5 cents. Other transactions (i.e. credit/debit cards) are still totaled to the penny. Pennies still in circulation will remain legal tender indefinitely. Edited by canuck1us
12/10/2012 4:34 pm
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Valued Member
United States
360 Posts |
Thank you all. You answered all of my questions at the moment.
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Valued Member
Canada
333 Posts |
This was very interesting about the blanks used.
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Pillar of the Community
 Canada
617 Posts |
I have heard that the choice of steel vs. zinc blanks was based strictly on price at time of ordering, but have found no documentation supporting this.
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Replies: 12 / Views: 1,763 |
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Posted 12/09/2012 10:00 am
