Legal Tender Question: Pennies In Banks

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Author	Replies: 5 / Views: 1,377
Petersun Pillar of the Community Canada 1700 Posts	Posted 09/20/2014 11:34 am Hello everyone, There might have been a thread about this that I could have missed, since I haven't been on the forum that often lately. Please inform me if I'm overlapping the information presented in an existing thread. I went to RBC in my local town two days ago for penny rolls. It's been already two years since my last penny roll hunted, and I've been doing other denominations since. RBC sold me four rolls, and the results were awesome: half a roll of pre-81 coins (including a 1938) and three quarters of a roll of pre-96 coins. There was also ¾ of a roll of American copper coins! So I wanted a few more rolls to play with. I went to a few other banks and the tellers all claimed that they could only intake pennies, not distribute them. All of them said that penny is "no longer legal tender". My question is, aren't pennies supposed to be legal tender forever, just like the 50 cent pieces that you can still get in banks sometimes? If so, what would be a reason for banks to be instructed to "not give pennies out"? Report this Post to the Staff

Pacificoin Pillar of the Community Canada 5394 Posts	Posted 09/20/2014 11:38 am One cent is still legal tender, like thousand dollar bills once taken in they are NOT supposed to be issued back too the public, according to both of our banks. Report this Post to the Staff
JimmyD Bedrock of the Community Canada 21610 Posts	Posted 09/20/2014 1:36 pm I found the same thing. Went to my Bank and asked for pennies, even loose ones and was told that they cannot reissue them and they must return them all to the Mint. Report this Post to the Staff
Petersun Pillar of the Community Canada 1700 Posts	Posted 09/20/2014 2:49 pm I guess I'll start taking out boxes of American pennies the next time I go there. What I'm wondering, though, is where that rule sits. In some legislation that we probably never discussed here? Edited by Petersun 09/20/2014 2:50 pm Report this Post to the Staff
o-train Pillar of the Community Canada 519 Posts	Posted 09/20/2014 4:07 pm They will always be legal tender. Some banks will give them out, most won't. They are being shipped back to the mint to be melted down as part of the Alloy Recovery Program. Report this Post to the Staff
AgCoinAu Pillar of the Community Canada 3049 Posts	Posted 09/20/2014 5:17 pm Many banks don't want to give them to the customers as they have been told they have to ship them back... (part of the ARP) That doesn't mean that the penny isn't legal tender... banks will still accept them... and some businesses may as well. Report this Post to the Staff
	Replies: 5 / Views: 1,377

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