Canada scraps the penny

[BCD11]

Ottawa to scrap the penny this year - The Globe and Mail

Sorry 'bout the second post. I didn't think the link to the Globe and Mail story copied the way it should.

 

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[tand324]

Now when the price of gas goes up, it go up by nickels per liter instead of pennies. At least the oil companies will benefit. What they need to do is make a 5$, 10$ and 20$ coin. Now that would make MDing more interesting and save the gov. some money. ZDD

Actuall, it wont! This guy on YouTube shows how it will be implemented.YouTube - Canada Gets Rid of the Penny (Huzzah!)

 

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[MIhunter]

What I find sad is that very soon a person won't be able to start a Canadian one cent coin collection buy searching boxes/rolls of coins bought from a Canadian bank. I wonder if the amount of Canadian pennies in US penny boxes with drop?

 

[Newfiehunter]

So will businesses still accept pennies in a year or so? The pennies will be around for a long time to come because there must be hundreds of millions, if not billions in circulation. It will be difficult to eliminate the penny for some time...The government stated it still will be legal to use them..."indefinitely". Guess the supply will dry up eventually...

 

[sagittarius98]

We haven't droppped the $1 or $2 dollar bill yet.

No one really wants paper/fabric. People would try to export copper pennies from the US, no one would go to the US to get a 1 or 2 dollar bill, there is just no value in the fabric itself.

 

[jonathan wood]

canadian penny

I have also heard that many people are really concern about this issue. As the penny is set to begin retirement next month, there are already calls to put the nickel out to pasture as well. Canada has officially stopped the circulation of its cent. The move has put a decades-old controversy back on the front-burner in the U.S.

 

[sack0silver]

BitCoins for all!

 

[DaytonaRacer]

cooper hoarding anyone? get the real copper cents -- not the zinc stuff

the really big question is ---once offically its "no longer made" into cent / penny coins --can the coins then be legally "scrapped" for there copper value ? - whats the phaze out time frame?

or will the govt say --only they have the right to melt the coinage * for metal profeits -- in 2000 the canadain govt started culling all the PM's out of their coinage (silver , nickle and copper) --it took them 10 years to to "replace" the good metal coins for "junk zinc and steel plated ones " .

Once the penny is no longer being produced in the US and is phased out it will be LEGAL to melt for the copper value. I recently read some definitive info on this recently. Will have to see if I can pull it up again.

There's also a guy who runs a copper penny business. Again I'll have to try and find the article & news video (he was interviewed by some local news network). He has an expensive sorting machine that culls all of the copper cents from the zincs and then sells $100 worth of coppers for $175. At the time of the interview he was sitting on $275,000 in copper Lincolns. He's capitalizing on the speculation surrounding the cent's possible retirement. It was truly an amazing video to watch.

I've already begun to hold onto my coppers, though I doubt I even have a thousand of them put aside yet.

 

[FormerTeller]

Once the penny is no longer being produced in the US and is phased out it will be LEGAL to melt for the copper value...

I've already begun to hold onto my coppers, though I doubt I even have a thousand of them put aside yet.

I've hoarded them for a few years now, but somebody else here - can't remember who - noted that as an investment it is a poor choice. It will be years until it is legal to melt them. Once it is legal, you still won't be getting full value for them. Much better idea to use the funds you've got in copper to purchase silver or gold instead, or at best to turn around and sell the copper for a smaller return on Ebay immediately.

(can't believe I'm commenting on a year-old thread without complaining about it...)