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 Replies: 12 / Views: 2,668 |
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Pillar Of The Community
3147 Posts |
I thought I would bring to all of your attention that it has been announced the Canadian Mint is pulling circulating coins out of circulation at this time to be melted. With the rising value of ALL metals just about anything with copper, nickel and silver will be removed from Canadian circulation. I am not sure how long this has been going on as the story just broke and the Canadian Mint acknowledged the process has begun. It seems they are just as interested as everyone else in making a profit on the raw metal market. Now if you are thinking classics you must think again as the newer coins of Canada with copper or nickel are being pulled from circulation as well to be melted. I can't help but wonder if the Mint will keep track of what they are destroying? And what impact will it have on Canadian coin prices? Guess we will have to go with the old "time will tell"?
Now I wonder how many other mints in the world will follow suit or are already quietly doing the same? Kind of puts those pre-1982 Lincoln cents in a whole new spot light doesn't it? Also wonder about our NICKELS that no one pays much attention to? Guess its time to fill a few jars from pocket change and wait this one out! Another strange aspect of all this is a recent story claiming that NO ONE would or could melt cents unless China got interested in the copper? Looks like that may have been some PROPOGANDA from some one as CANADA is already doing it so I would say "The hoarding of pre-82 cents, and probably the nickel,has already quietly begun in this country. Is it time to jump yet?
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Pillar of the Community
United States
7123 Posts |
Hi Terry
Interesting ,, By the time that the mint notifies the public of its intent to destroy cents of nickels for recycled metals ,they will more than likely have been doing it for some time already.
I will watch the recycling centers and watch for a drop in what is being paid for copper scrap, once this begins in earnest, the mint will be buying and the open market will more than likely see a decline in value at that level.
I cant see that fed sorting these cents to any great extent ,, they will make the price tempting and get the millions of american opportunists to sort them for them.
Thanks for the story
Rick
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Pillar of the Community
United States
1247 Posts |
I wonder what this will mean for waffled coins? If mints start pulling coins from circulation to scrap the metal then maybe they'll stop waffling too. It would be too funny to see the value of existing waffles go up because China needs building materials.
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Pillar of the Community
United States
604 Posts |
So wait you are telling me If I gave the mint a couple pounds of copper I get paid money  |
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Pillar of the Community
United States
2177 Posts |
Does anyone think the US will do something similar before 2010?
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Pillar Of The Community
 3147 Posts |
No Buffaloboy5 thats NOT what I am telling you. The governments of the world don't have to pay for the older coins they would like to melt down. They will just order the banking industry to pull the coins from circulation when they come in and off to the melt shop they will go. Now should a time come when someone or some other industry is interested you then could haul your copper, nickel, silver or gold to a local scrap yard and sell. At this time copper cents, prior to 1982, are worth far more than a cent and our nickel has increased to a point where it takes MORE than a nickel to make one. It will be interesting to see what happens in the near future as the mint has already announced some testing with new materials is forthcoming. One thing is for sure...NO one is going to tell us when the meltdown will start or how to benefit from such an opportunity. It will be every man/woman/child for themselves so keep your eyes and ears open!
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Pillar of the Community
Belgium
2078 Posts |
When the Euro was introduced all national coins were collected
I know from a steelproducer that France sold most of their coins to a few scrapbusinesses
These sold all coins containing nickel to China to produce stainless steel
I do not know how other euro nations handled the returned coins
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Pillar of the Community
United States
604 Posts |
quote:
Originally posted by crystalk64
No Buffaloboy5 thats NOT what I am telling you. The governments of the world don't have to pay for the older coins they would like to melt down. They will just order the banking industry to pull the coins from circulation when they come in and off to the melt shop they will go. Now should a time come when someone or some other industry is interested you then could haul your copper, nickel, silver or gold to a local scrap yard and sell. At this time copper cents, prior to 1982, are worth far more than a cent and our nickel has increased to a point where it takes MORE than a nickel to make one. It will be interesting to see what happens in the near future as the mint has already announced some testing with new materials is forthcoming. One thing is for sure...NO one is going to tell us when the meltdown will start or how to benefit from such an opportunity. It will be every man/woman/child for themselves so keep your eyes and ears open!
Who says I want to sell 1985 copper cents I'm talking about 2005 or 2003 cent thats made of copper to sell. And how much is copper by the pound Crystalk?  |
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Bedrock of the Community
United States
14454 Posts |
Buffaloboy I dont think you understand, pre-82 cents were copper, the new ones are clad layered coins a newer than 82 penny may have .2 cents worth of copper. And the other thing you dont understand is the mint will not buy anything, they will just slowley take them out of circulation by (as Terry said) telling the bank then when ever the coins come in to drop them in a bin and do not give them back out and then they will deliver that bin to the mint and then the mint will melt them down and they will be no more in circulation sooner or later (because all of the coins sooner or later go through a bank either by individual or by the stores cashing them in) so the Mint will never have to "Buy" coins to melt they just simply take them out of circulation
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Pillar Of The Community
3147 Posts |
Actually if and when a meltdown should come I would look for the banking system to start the hoarding and NOT the government. If there is a cent left in a turnip our banks will squeeze it out.
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Pillar of the Community
United States
604 Posts |
Oh now I understand thanks guys for your help
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Pillar of the Community
United States
560 Posts |
So, would you suggest hanging on to pre-1982 cents?
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Pillar of the Community
United States
2365 Posts |
I'll jump in on that last question! The answer is a DEFINITE YES! Guess what will happen to the price of those pesky little coins that people (some) want to do away with? (pre-1982)
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Replies: 12 / Views: 2,668 |
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Posted 06/04/2006 11:13 am
