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 Replies: 12 / Views: 1,997 |
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Pillar of the Community
Canada
1747 Posts |
Seeing as the penny has been "out of circulation" for 2 years now (some of us are still able to get rolls)
The question I would pose to you is this;
If the Canadian government decided to completely eliminate the penny by devaluing(?) (not sure what the correct term is) But basically saying as of say Jan 1/2015 the penny is worthless, and cannot be spent.
What would you do?
I am personally debating what to do, as my hoard is taking over my house, I am still getting rolls, but I have seriously weaned out what I actually keep. I am down to all pre 70's I toss all others, and if the coin is damaged or full of rust/corrosion I just toss them back.
Do you think the government would lift the ban on melting them sometime down the road?
Is it legal to melt the silver coins? if so how long after 67 did that happen?
I know that historically the government has not decommissioned any coinage (silver dollars, 50 cent) so I am just putting a hypothetical question out there.
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Pillar of the Community
United Kingdom
837 Posts |
Sorry to jump in here , while I am not a Canadian penny hoarder ,I was however fascinanted by this statement : Quote:
as my hoard is taking over my house   This sounds really interesting..... Do you have a picture of your hoard, I am intrigued -I love pictures of coin hoards !  Edited by DaytR
09/08/2014 6:06 pm
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Pillar of the Community
 Canada
1747 Posts |
I am too embarrassed to take pictures, I have buckets in my bedroom, in the living room, and my coffee table it covered in coins, wrappers, and bins.
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Pillar of the Community
1325 Posts |
Is there any agreement with the US that says the melting law applies to USA?
I guess that could be reveresed as well, can Canadians melt US cents and nickels after the 2006 law was passed?
I am sure there are plenty up there already and I have maybe a roll of Canadian cents in my "hoard" that do not got into the folder for them.
I guess if no longer considered money, I would just have to put it with my Franc (1943), Drachmes (1984), and Lire(s?) (1966-1989) I have as "ancient" coins.
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Pillar of the Community
Canada
519 Posts |
In Canada you can melt anything you want that isn't Canadian coinage, including American coins.
I don't think the melting ban will be lifted anytime soon. If it was lifted I may experiment with melting copper pennies. I've already thought about setting up a blacksmithing forge (for blacksmithing) which produces temperatures exceeding the melting point of silver and copper.
For the time being I am very selective with the pennies that I keep. Otherwise I would have almost 300k of them and my wife would hate me more than she already does.
Edited by o-train
09/08/2014 7:35 pm
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Pillar of the Community
United States
937 Posts |
well, if they are demonetized then there is no law against melting them as they are no longer coin of the realm. So....
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Pillar of the Community
United States
6130 Posts |
As far as I know, there are no laws against melting US cents in Canada, but if I remember the law correctly they CAN stop you from leaving the country with an "unreasonable" number of cents or nickels, i.e. buckets full of loose coins that clearly are not a collection. Likewise, there is no law that I know of to prevent people melting copper Canadian cents in the US.
Also, why did Canada decide to recall the cents? I absolutely understand why they stopped production, but why waste the manpower on the recall as opposed to letting the denomination die a silent death in 10-30 years?
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Pillar of the Community
Canada
1747 Posts |
It's not a recall, just that they are not making any, and the banks are supposed to stop selling them. When they are brought to the banks, they are supposed to be sent back, just like old bills.
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Pillar of the Community
1325 Posts |
That would petty much be a recall. Like when a product is sent back to the manufacturer...
I think the point was if you have so many, why bother collecting them up when you could just let people keep using them and stop making more.
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Pillar of the Community
Canada
1747 Posts |
It's all part of the alloy recovery program instituted years ago, they will melt them down, and she'll or use the metal in other places
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Pillar of the Community
Canada
1747 Posts |
OK, Back to Topic please. What would you do, would you roll up, or keep your hoard?
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Pillar of the Community
1325 Posts |
Well as a non-Canadian, I first need to know what my rights to do with the Canadian cents I have found are now don't i?  Or was the thread only meant for Canadian hoarders of Canadian cents? |
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Pillar of the Community
United States
6130 Posts |
Think of it this way:
As much as I wish the good Queen her health, she is currently head-to-head with Victoria for the title of the longest-reigning monarch in British history. When the day does come, how much would people be willing to pay for a complete set of pennies with her portrait?
I would keep a handful of sets on hand, keep your copper hoard, and toss the circulated zinc and steel cents.
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Replies: 12 / Views: 1,997 |
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Posted 09/08/2014 6:08 pm
