| Author |
 Replies: 30 / Views: 4,712 |
|
Pillar of the Community
Canada
2845 Posts |
From RCM's 2015 Annual Report - page 22/23 "The mint anticipated removing six billion pennies from circulation within three years of its phaseout from Canada's coinage system in February 2013. As of December 31, 2015, 5.7 billion pennies have been recovered. The scrap metals were recovered from the coins and the proceeds delivered to the Government of Canada." http://www.mint.ca/store/dyn/PDFs/2...AL-May-4.pdf |
|
|
|
Valued Member
United States
186 Posts |
2 questions -- so are all Canada nickel based coins destroyed too ?
with the end result of all coins being steel plated being in circulation ?
|
|
Pillar of the Community
Canada
519 Posts |
I've only searched 300,000 since the small cent was dicontinued. Based on what I've found I can't even imagine what has been melted out of a population of 5,700,000,000. They are still out there but to keep coin roll hunting I'm thinking increased creativity will be required.
|
|
Pillar of the Community
 Canada
2845 Posts |
Quote:
questions -- so are all Canada nickel based coins destroyed too ?
with the end result of all coins being steel plated being in circulation ?
Yes, that's my understanding. In about 2003 the Cdn Govt announced what's called an Alloy Recovery Program (ARP) to accomplish that. A couple references: "Historically, Canadian circulation coins had been manufactured using expensive alloys such as copper and nickel that are actively traded on the commodities market and therefore subject to volatile price fluctuations and supply pressures. Since 2000, the Canadian circulation 5, 10, and 25-cent denominations have been produced with multi-ply plated steel materials saving the Canadian Government over $340 millon since the transition." https://www.mint.ca/store/dyn/PDFs/...ummary-E.PDF"The volume of coins recovered through the RCM's recycling program continues to increase. This has assisted the revenue from the Alloy Recovery Program (ARP) to continue to increase; the tonnage in nickel and copper recovered was driven primarily by the launch of the program to recover the first generation one-dollar and two-dollar coins as they are replaced with the new coins." https://www.mint.ca/store/dyn/PDFs/...ummary-E.PDFI think the "first generation" loonies and toonies refers to anything prior to 2012. |
|
Pillar of the Community
 Canada
5585 Posts |
|
|
Pillar of the Community
Canada
2845 Posts |
Quote:
I've only searched 300,000 since the small cent was dicontinued. Based on what I've found I can't even imagine what has been melted out of a population of 5,700,000,000. They are still out there but to keep coin roll hunting I'm thinking increased creativity will be required.
Only 300,000?!  But look at the plus side -- there's now 5,700,000,000 fewer for you to search.  |
|
Pillar of the Community
United States
1373 Posts |
 Handing a roll of pennies back to the bank must feel like going to a funeral home! Edited by atticguy
05/20/2016 11:32 am
|
|
Valued Member
Canada
228 Posts |
|
|
Pillar of the Community
Canada
2845 Posts |
Quote:
Handing a roll of pennies back to the bank must feel like going to a funeral home!
I suppose it's along the lines of "one man's trash is another man's treasure." LOL! Not too long ago I happily handed a couple of $25 bags over. Their time had come after being set aside in a piggy bank for almost 20 years. Grungy, dirty and yuck were my thoughts as I searched through them. It reminded me of the past and the feeling of absolute delight in being given a couple of glimmering, bright red copper pennies in change. But even back then it always seemed to me that the well circulated, corroded ones were deserving of burial, so no mourning about it by me. |
|
Pillar of the Community
Canada
3049 Posts |
They're not getting MINE!!
After I finish searching my 40L Rubbermaid pail of them, they will be used in a wood working project. A touch of glaze and they will make the new counter top to a desk that will go in my office.
|
|
Pillar of the Community
Sweden
1078 Posts |
They're not getting mine either! That is, since I live where I do they've got nowhere to go  |
|
Moderator
 United States
188046 Posts |
Quote:An interesting article on the US penny, so Canada can't be much different: http://www.smithsonianmag.com/scien...er-180959032 Good article, okiecoiner.  Too bad most Americans cannot be bothered with the facts.  Kill the cent! Kill the cent! Kill the cent!  |
|
Bedrock of the Community
Canada
10743 Posts |
..jbuck |
|
Pillar of the Community
Canada
1049 Posts |
I go through anywhere's from 2 to 5 bank boxes per month, removing, keeping only noncirc, errors and varieties as well as all KG and prior, I've tried to pass them on for even face on Kijiji with no luck. It seems so far the breakdown has been about 70% pre96. Even at those odds it's hard to get rid of them other than the bank. The bank my daughter works at, they just keep coming in. I thought there would be more interest in people wanting to retain the scrap value of them. I understand they are still an acceptable currency but it seems even ones that melt won't touch them. Am I missing something here or perhaps I'm not in touch with the right buyers of such. ? I would truly prefer not to bring them back to the bank.
|
|
Pillar of the Community
Canada
1984 Posts |
One thing to consider if your reluctance to take them to the bank is the "teller pain" issue. If you are a customer at TD, they have many branches with coin counting machines where you can painlessly deposit them to your account without fees. I take all my surplus cents to them.
|
|
Pillar of the Community
Canada
2845 Posts |
|
| |
Replies: 30 / Views: 4,712 |
Posted 05/20/2016 09:25 am
