| Author |
 Replies: 14 / Views: 2,095 |
|
|
Valued Member
Canada
271 Posts |
Feb. 4 will be the real end of the penny. Banks across Canada will no longer give out pennies after that date, and any that they receive will be shipped back to the mint to be melted down. And from what I've heard, they're going to do the same thing to the old loonies and toonies.  I know what I'll be spending my weekend doing...  |
|
|
|
Pillar of the Community
Canada
2781 Posts |
Quote:
Feb. 4 will be the real end of the penny ya Feb 4, year 2062 it will takes years and years to get them all pulled from circulation. and the only ones that will be worth anything will be the ones that are worth something now. i saw the home shopping channel sell out thousands of rolls of 2012s @ $6 each roll. my guess is that in 50 years that roll might be worth the same $6. |
|
Pillar of the Community
Canada
677 Posts |
I read an article about a week ago about ending the penny. There were many points (facts), the process will cost the tax payers some 38 million dollars to remove the penny and the Mint will recover 45.5 million in copper and zinc melt value. It was on MSN and it makes me wonder just how many coins will be made from all that copper and zinc?
They said there was 6 billion of them. I wounder if they will ship all the American pennies back?
|
|
Valued Member
Canada
173 Posts |
Just think of all the pennies hiding in couches, car cup-holders, and fountains. I'm sure 50 years from now they will still be very common. It will be interesting to see the next generation grow up without pennies
|
|
Pillar of the Community
Canada
815 Posts |
Better to keep them to melt down yourself, when they legalize it if you care, when you can afford a smelter otherwise.
|
|
Pillar of the Community
United States
998 Posts |
I don't thing the RCM is considering elimination of the Loonie or Twoonie, in fact they just upgraded them with new security features. As the new coins are made the older versions will be seen less and less. I want to get back up to Canada and get a box or two of cents before they are gone, but it doesn't look good for me... |
|
Valued Member
 Canada
271 Posts |
They are not eliminating the loonies and toonies. They are eliminating the old ones, without the security features, so that only the new ones that are harder to counterfeit will be in circulation. Only the pennies are being completely withdrawn. :)
|
|
Pillar of the Community
United States
3345 Posts |
IT'S HOARDING TIME BABY! WHOOOOWHOOOOO!!
HOARD HOARD HOARD HOARD HOARD HOARD HOARD HOARD HOARD HOARD
|
|
Valued Member
Canada
73 Posts |
Yup! I agree with rachums107!
|
|
Valued Member
Canada
173 Posts |
go crazy for loonies! lol
|
|
Valued Member
Canada
386 Posts |
The mint is not eliminating the loonies and toonies.
They are however switching over from solid nickel cores to steel cores. This cost reduction started with the $1 and $2 coins in 2012.
Edited by 1945V
12/31/2012 1:05 pm
|
|
Valued Member
Canada
73 Posts |
But are they going to retrieve all the old loonies and toonies from circulation to smelt them for nickel or are they going to leave them in circulation?
|
|
Pillar of the Community
Canada
2781 Posts |
they are pulling the old loonies and twoonies, as well as all the old nickel nickels and quarters, as part of their alloy recovery program.
|
|
Pillar of the Community
Canada
3692 Posts |
It just makes too much sense to keep the nickel issues circulating and to keep them being made. Canada has so much nickel that it represents industry, in a way. Nickel and cupronickel is also hard to strike, which should do enough to ease counterfeiting. I mean, coins used to be gold and silver simply to deter counterfeiting! This steel business is going to bite Canada in the keister.
|
|
Valued Member
Canada
271 Posts |
Quote:
The mint is not eliminating the loonies and toonies.
They are however switching over from solid nickel cores to steel cores. This cost reduction started with the $1 and $2 coins in 2012 Did you read my post? The mint is taking back the OLD loonies and toonies to melt them down. The new ones will remain in circulation and continue to be made. The only coin being completely removed from circulation is the penny. |
| |
Replies: 14 / Views: 2,095 |
|
Posted 12/29/2012 6:52 pm
