| Author |
 Replies: 11 / Views: 2,690 |
|
|
Valued Member
Canada
348 Posts |
Anyone here think the Canadian penny will ever be demonetized?
And if so in how many years?
I think it will. My guess.....2015 I could and probably will be way off.
Interesting to hear what other have to say?
|
|
|
|
Pillar of the Community
 Canada
9864 Posts |
The penny was demonetized a long time ago so that only decimal coins would circulate in Canada.
The cent will probably remain legal tender for many years to come.
"Dipping" is not considered cleaning...
-from PCGS website
|
|
Valued Member
Canada
478 Posts |
Quote:
The cent will probably remain legal tender for many years to come How would it lost its status as legal tender? Wouldn't a 1858 large cent still be legal tender or a 1937 paper dollar bill...I didn't think a currency in Canada could lose that status? I can understand that it may be rejected in everyday trade (try going to Walmart with a wad of shinplasters and see how far you get lol) but can a bank refuse to exchange older currencies?  |
|
Pillar of the Community
Canada
519 Posts |
He just means that technically a cent is not called a penny. All Canadian currency is still legal tender. I don't think they will demonetize the 1 cent.
|
|
New Member
Canada
49 Posts |
You can take the penny out of circulation but you can't demonetize it. Try and balance a bookeeping ledger without it. You could I guess, but cent would have to be taken off every business statement mailed out and taken out of every transaction made in North America.
|
|
Valued Member
Canada
329 Posts |
there was a numismatic that consulted the govt on the cent. he asked that it still be made for sets, and that it remained legal tender.
the govt response was not for sets, but will remain legal tender indefinitely.
i suppose they could change their standpoint in the future, that way they would cause a panic and reclaim most of the remaining cents for the alloy recovery program.
|
|
Pillar of the Community
Canada
3049 Posts |
And here I was thinking that somehow the gov't was putting demon's into the penny's... majorly dissapointed with this thread now!
|
|
Pillar of the Community
United States
1002 Posts |
Quote:
And here I was thinking that somehow the gov't was putting demon's into the penny's... majorly dissapointed with this thread now! LOL me too.....the government did away with "demonizing" its legal tender when they reissued the 1954 paper banknotes with the modified version in 1957.  |
|
Pillar of the Community
Canada
726 Posts |
Edited by persistnt
12/18/2013 5:30 pm
|
|
Pillar of the Community
United States
1748 Posts |
No. There is no need to demonetize the coin. With the rounding to the nearest five cents, it simply will be rendered useless. In 20-30 years the real copper ones will be worth much more than face value and be relegated to numismatic status. The plated junk will be largely destroyed at that point.
I hope our one cent goes the same way. The Zincolns look awful after only a year or two. Zinc is reactive to just about anything.
|
|
Valued Member
Canada
387 Posts |
Quote:
that somehow the gov't was putting demon's into the penny's  |
|
Valued Member
Canada
387 Posts |
|
| |
Replies: 11 / Views: 2,690 |
|
Posted 12/17/2013 05:53 am
