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 Replies: 36 / Views: 6,211 |
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Valued Member
United States
393 Posts |
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Bedrock of the Community
Australia
21788 Posts |
Australia ditched the one cent and Two Cent coins years ago. But I think I know why the U.S. has not demonetised the cent. I may be wrong, but I think it has to do with the added tax, which is added on to the sale price, and varies from State to State. I am not saying the Australian system is better, but the State tax is included in the final sale price, which is rounded to the nearest 5c. (usually up). It would take Federal legislation to eliminate the cent, and with State tax added on, would be a complicated issue to solve from a legislative standpoint. More's the pity if this type of legislation were passed as far as the Cent collectors on this Forum are concerned! |
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Pillar of the Community
Germany
992 Posts |
---How much "weight" has the Senate in Canadian politics?
---Regardless of how much, I think the days of the Canadian One Cent coin are numbered because there doesn't seem to be much opposition to its abandonment.
---Perhaps, the denomination will still be included in coin sets, just like with the 50 Cents coins.
Edited by redlock
12/14/2010 08:26 am
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Valued Member
Canada
311 Posts |
I am hoping that the penny will be kept in coin sets or available like the half dollar rolls for collectors. I don't see why it can't be kept to show our Canadian History of coins like the half dollar coins.
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Pillar of the Community
Canada
1248 Posts |
 Why would anyone want to collect a "coin" which is no longer a circulation coin, but is just made for YOU? when it is gone, let it be... But the RCM will do it just to make money on it... For no other reason. similar like all the other useless yellow snakes and pink butterflies, $ 3, 7 8,9 15 coins etc. etc.  where is the collectors value? Oh... we made that just for you...and the price is,,,, extremely inflated ( just do not try and sell it at any time, you will not get your money back)AND, it is legal tender , well maybe officially according to Canadian laws it is, but nobody will except it as such... not even your bank because they do not know what it is.   have you ever tried to spend on of these odd $8;15 or $3 coins? Handcuffs anyone?  OK guys and girls... Get the point? If you want to collect coins, do yourself a favor and collect real coins. NOT souvenirs. It appears that every time some personality looses a button off his pants there is a new coin....all legal tender..honering his lost button... but just only for YOU.the collector.. and NO you can NOT get it for Face value....because it is only for collectors.... Watched any late night investment TV lately" like: Do not miss this one time opportunity: "buy these high value investment limited edition numbered certificate coins very cheap for a guaranteed rotten investment"? Could be an RCM ad...... Get the idea? Buying this metal crap is a sure way to reduce your capital..... oh, what about all the errors, they are very valuable! Now think for a minute what error really means! RCM would greatly err if they would not purposely insert some "errors" to keep you searching for them and buy the crap. Do you really think that employing state of the art technology that such errors are possible , unless they are produced? Oh, perhaps I am just kidding? If you want to collect shiny metal... then do that..buy chunkd of it, but please try not to call it coins. do call it worthless collectors stuff. Just tryand spend one of these "metals" and see what happens. The mint guts are not stupid. they have a mandate to make money ( profit)... a lot of it. And the only way they can do it is by selling their inflated crap./.... sorry about the rant..... but it is true!! should be against the law. |
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Valued Member
Canada
56 Posts |
Never thinked of it that way
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Valued Member
Canada
94 Posts |
hhbkiddo, you have a point to an extent. However, I'd like to note that one of the things I love about coins is the history they carry with them. I think it would be great to continue to produce the penny, even if not for general circulation.
I love the penny. I really do. It's the rebel of the coin family. Like the middle child, it's not the smallest of the bunch, it's always underestimated or ignored, and chooses to look so different compared to everyone else in the family.
That said, if the penny is going to leave circulation all I ask is that it's not forgotten and continues to be minted each year.
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Pillar of the Community
 Canada
9865 Posts |
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Valued Member
Canada
250 Posts |
Actually, I'm curious how this will affect our current cents and their values. I'm guessing that eventually as Canadian 1 cents exit circulation that will put a premium on existing ones in collections (thinking for small cents). I suppose I am hoping this is the case.
Any thoughts on what will happen to the market?
Cheers
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Valued Member
Canada
94 Posts |
Well one thing's for sure: you're going to have to change your username and round it up to FiveCentsWorth. Technically speaking you'd have to round it down but I don't think you want to be called ZeroCentsworth.  Honestly , as a person who is new to this I was excited about the thought of going through my change for pennies. Looks like if this happens I'll just have to buy a bunch of rolls before it's too late. |
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Valued Member
Canada
250 Posts |
Hahaha...yeah, hadn't thought about that!
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Pillar of the Community
United States
2448 Posts |
At Least we can laugh in the face of tragedy and losing the penny is just that. I'll miss the penny. I have a check from the US government for 1 cent. It hung in my office with a note that they finally paid me what I was worth. Can't remember who said it, but I know it was one of the presidents; "we will pay what is due to the cent". (Obviously I paraphrased.) I see the US following suit. Looks like Lincoln will have to be content on the $5 dollar Bill.
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Pillar of the Community
Canada
1051 Posts |
I love the cent as much as anybody, but unfortunately it's worthless now. Quote:
Actually, I'm curious how this will affect our current cents and their values. I'm guessing that eventually as Canadian 1 cents exit circulation that will put a premium on existing ones in collections (thinking for small cents). I suppose I am hoping this is the case. I think we're all wondering that. I like the idea of the cent set being something that can be completed, as opposed to something that is perpetually growing and never "done". I wouldn't be surprised to see a little bump in completionist-type interest after it gets the axe. |
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Valued Member
Canada
250 Posts |
I think variety coins such as the pointed five on the 1965 and 85 coins, planchette errors, doubles etc will go up in value, as well as ms-65 coins. Although in reality the best coins are pretty much already found, psychologically, knowing that our copper cents are being removed from circulation by the banks means finding them becomes a priority.
Still, interesting times.
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Pillar of the Community
Canada
838 Posts |
I'm somewhat worried that demonetizing the cent may *decrease* the value of cents which are not rare. I've seen old paper money in low grade auctioned off below face. Abd try spending a 50 cent coin somewhere. Handcuffs is right...  The sad thing is these are legal tender! Even if the demonetized one cent value stabilizes, it won't be much. E.g. common pre-decimal UK coins will never escape the 5-for-$1 bin. I kind of want the mint to cease cent production altogether, otherwise we'll all have to drop $5 a year to keep our set "current". Let's face it -- the only fun of small cents is roll-searching. I get virtually nothing out of chasing down 50 cent coins each year. It's a pain in the butt quite frankly. (Sorry for being a grouch.)  Edited by bibd
12/14/2010 10:45 pm
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Pillar of the Community
Canada
1581 Posts |
It seems that, in the long run, the interest in the form factor drops when it disappears from circulation. There are at least four non-key date large cents with mintages near or below the 1922-1925 key date small cents. The small cents gained their collectors from the young starting out with change. The large cents are now an acquired interest.
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Replies: 36 / Views: 6,211 |
Posted 12/14/2010 08:24 am
