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 Replies: 14 / Views: 3,869 |
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Valued Member
Canada
458 Posts |
does any one know how many pennies have been melted down since the penny was last produce in 2012
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Valued Member
Canada
115 Posts |
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Pillar of the Community
Canada
1980 Posts |
i asked om main pick up bank a few months ago how many pennies they have sent back since the penny was discontinued and they told me none, I had bought them all!!
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Pillar of the Community
Canada
2845 Posts |
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Bedrock of the Community
 United States
12477 Posts |
Man, what a hit to roll hunting!  What do you think this will mean for cent values in the future? I assume they will rise somewhat as the population decreases. In Memory of Crazyb0 12-26-1951 to 7-27-2020
In Memory of Tootallious 3-31-1964 to 4-15-2020
In Memory of T-BOP 10-12-1949 to 1-19-2024
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Pillar of the Community
Canada
5585 Posts |
Well, there's still more out there than there are collectors, so values shouldn't change at all.
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Valued Member
United States
467 Posts |
They could do the same thing here in the USA and the supply of cents available for commerce would still be more than adequate for the task, even if they were not eliminated outright. I don't know anyone who doesn't have at least a jar full of cents that they don't bother to spend. I put all mine back in circulation, even the coppers and common date wheaties. Those dang things are heavy and just not worth saving, in my opinion....
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New Member
United States
11 Posts |
I have several of the Canadian copper pennies in a jar somewhere around the house. Do you think the US will follow the same route as the Canadians did? Phase out the penny and us American too will have to round it up.
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Pillar of the Community
Canada
5324 Posts |
Sooner or latter the US will follow suite, there really no need for a penny in todays economics
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Pillar of the Community
Canada
849 Posts |
Quote:
I have several of the Canadian copper pennies in a jar somewhere around the house. Do you think the US will follow the same route as the Canadians did? Phase out the penny and us American too will have to round it up. I am not sure where you get the "round up". Purchases in cash of say $1.21 and $1.22 round down to $1.20. Purchases in cash of $1.23 and $1.24 round up to $1.25 so it isn't always "round up", it averages to being neutral. I too am curious as to if price of Canadian small cents has gone up or down in the last four years. Part of me wants to say slightly up because of the recall, but part of me wants to say slightly down because we don't see pennies so maybe interest will wane (out of sight out of mind?). Any theories on this? |
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New Member
Canada
4 Posts |
@punman I think it could go either way yet.
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Valued Member
Canada
224 Posts |
punman, they will become interesting when "A penny for your thoughts" becomes a historic idiom in our books. Especially if I pull out my 1916 large-cent.
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Pillar of the Community
United States
4867 Posts |
I am just not sure about the Alloy Recovery Program the Royal Canadian Mint has instituted. I mean I can see where they'd wanted newer and uniform coinage in circulation but I think it's bad for collectors. Now it's like the mintage numbers mean nothing. Who really knows how many of such and such coins are out in the wild? |
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Pillar of the Community
Canada
1984 Posts |
Gresham's Law...... Bad money drives out the good. If there was no ARP, then others would be plucking the old unplated nickels and pennies out of circulation that were worth more than face. That's what happened to the silver coins before there was an ARP.
Granted there would be no risk to the older non-plated loonies and quarters because, while it is worthwhile for the ARP to withdraw the old coins and replace them with new ones, it is not worthwhile for anyone else.
I still see the ARP as a boon to the hobby as it clears a lot of the mundane coinage out of the market. Just look at the market for base metal pre decimal UK coinage......it is almost non-existent. So yes it is easy for collectors to assemble a set. But there is no joy in assembling the set because it is so easy to do.......
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Pillar of the Community
Canada
2845 Posts |
Another benefit of the ARP is it enables greater volumes of new coin to enter into circulation to replace the old, a good thing to attract new collectors into the hobby. Canada with its RCM wouldn't want to be perceived as a third world country with dingy, old worn coin, There's absolutely no chance that collectors are going to run short of coin due to the ARP. The hobby has been around for decades and a vast amount of collector coin is always pulled early in its release when it's in much better condition. |
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Replies: 14 / Views: 3,869 |
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Posted 02/04/2017 9:24 pm
