Canadas Alloy Recovery Program

[tinykin]

Canada's Alloy Recovery Program

Well I believe I have found why CRH is less successful in Canada, at least for me (your mileage may vary). I don't do a lot but I get plenty of skunks and very few silver. In another forum I ran across a mention of the Alloy Recovery Program run by the Royal Canadian Mint. A quick Google and I find that the Royal Canadian Mint is actively searching coins taking anything pre 2001 out of circulation and recovering the valuable metals and replacing the removed coins with new ones (of course, made out of cheaper metals). In their annual report they boast about how much money they make ($8 million per year!). This program has been in place since 2003.

So it seems I have gotten lucky on some that were missed (unlikely) or I have hit some before they make it to the coin processors.

I don't know about other Canadians but this really throws a dent into my enthusiasm for the hobby.

It looks like coin processors (Brinks for example) have to sort their coins to take oldies out of circulation.

Couple of links of interest.

https://brinksca.tms.hrdepartment.com/cgi-bin/a/highlightjob.cgi?jobid=486&lcid=en-US

http://dsp-psd.pwgsc.gc.ca/Collection/F71-2004E.pdf

http://www.cbc.ca/news/background/realitycheck/sheppard/20060426.html

 

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[Rich Hartford]

Re: Canada's Alloy Recovery Program

Well I believe I have found why CRH is less successful in Canada, at least for me (your mileage may vary). I don't do a lot but I get plenty of skunks and very few silver. In another forum I ran across a mention of the Alloy Recovery Program run by the Royal Canadian Mint. A quick Google and I find that the Royal Canadian Mint is actively searching coins taking anything pre 2001 out of circulation and recovering the valuable metals and replacing the removed coins with new ones (of course, made out of cheaper metals). In their annual report they boast about how much money they make ($8 million per year!). This program has been in place since 2003.

So it seems I have gotten lucky on some that were missed (unlikely) or I have hit some before they make it to the coin processors.

I don't know about other Canadians but this really throws a dent into my enthusiasm for the hobby.

It looks like coin processors (Brinks for example) have to sort their coins to take oldies out of circulation.

Couple of links of interest.

https://brinksca.tms.hrdepartment.com/cgi-bin/a/highlightjob.cgi?jobid=486&lcid=en-US

http://dsp-psd.pwgsc.gc.ca/Collection/F71-2004E.pdf

http://www.cbc.ca/news/background/realitycheck/sheppard/20060426.html

That's terrible news. I always figured Canada would be a great place to CRH because the coins have always had silver edges.
Hope you can still find some
HH
Rich

 

[mts]

Re: Canada's Alloy Recovery Program

That's very interesting info. Thanks for sharing. I agree that this would take a lot of the wind out of my sails if I lived in Canada. You have to wonder why brinks and others haven't started doing this here in the US. I know that people will tell me that it just isn't profitable. But if Canada can make it pay you have to believe that the US can make it pay as well. Is this going on in the US and just isn't well known? Wouldn't it have been better for the Canadian government to do this in secrecy rather than publish it so that people are tipped off that they can/should be collecting silver coins?

 

[tinykin]

Re: Canada's Alloy Recovery Program

Sorry if I am repeating things which are already clear but the attached job posting really surprises me as, the way I read it, all Canadian coin processors are required by the Alloy Recovery Program to grab all the old coin (silver, copper, nickel etc) and return it to the Canadian mint. That would make it really hard for CRHers.

Hope you don't get this in the US or maybe you could view this as a call to action: get out there and hunt now as there may not be a later.

 

[GMan00001]

Re: Canada's Alloy Recovery Program

Note that the reason Canada is picking pre-2001 coins, not just silver coins... So lots to pick from

in the US, unless the copper clad was replaced something cheaper the US would only be able to pull pre-1982 pennies and the small number of silver coins still left which wouldn't make it worthwhile.

I suspect the Canadian program won't last forever. At the point that there is no profit they will likely stop. There will always be some left.

 

[mts]

Re: Canada's Alloy Recovery Program

Sorry if I am repeating things which are already clear but the attached job posting really surprises me as, the way I read it, all Canadian coin processors are required by the Alloy Recovery Program to grab all the old coin (silver, copper, nickel etc) and return it to the Canadian mint. That would make it really hard for CRHers.

Hope you don't get this in the US or maybe you could view this as a call to action: get out there and hunt now as there may not be a later.

I agree. That's the way I took that job posting too. It sounds like brinks is required to pull silver and send it to the mint. I wonder if the banks are required to do the same.

Yes, there will always be some silver in circulation. But you have to admit that if Brinks started pulling silver in the US, buying boxes would be a major waste of time.

 

[ivan salis]

Re: Canada's Alloy Recovery Program

canada is pulling all the valuible metals from their coinage --since 2003* they are replacing it with cheap azz bogus metal --in 1982 the pure nickle canadain nickle was swapped out to copru -nickle blend

in 2000 canada made all thier coins below a dollar into "junk" coinage with junk metal worth -- steel cored with copper or nickle plating ---copper coated steel cents , steel cored nickel "plated" nickles , dimes , quarters and halfs -- the dollar and two dollar coins are still mainly nickle and copper based

the canadain govt is issuing this "debased" coinage for use by its people and reclaiming all the valuible metals from their coinage --and fiscally cleaning up in the process

wake up folks. -- its time to get to crhing seriously BEFORE the US govt does the same and grabs all the silver , nickle and copper out of our money for their use.

 

[Rich Hartford]

Re: Canada's Alloy Recovery Program

If they decide to to it here I'll be applying for the position of "Alloy Recovery Program Czar"
HH
Rich

 

[tinykin]

Re: Canada's Alloy Recovery Program

Sorry to be a bore and keep adding to my own post but more reading suggests that the mint is considering starting a "Coin Recycling Program". It is essentially an advertising program encouraging people to empty their coin jars and piggy banks to get to the coinage saved in people's homes. That combined with the recovery program will take a lot of good stuff out of possible circulation.

Second thought: The Mint seems to say that the old coinage goes to melt. I wonder if they date check for numismatically valuable coins. Considering how much copper they must skim I doubt they do, it would just take too long. They might be able to handle some denominations. Where I am going with this is just think of the collector's coins just going for melt. It's shocking.

 

[ivan salis]

Re: Canada's Alloy Recovery Program

if so do not turn im your "good" coins -- if they are indeed melting them -- they will become scarce * and increase in value

 

[golden silver]

Re: Canada's Alloy Recovery Program

tinykin, I think you still have a decent shot. People up there are still turning in their old silver. Hand rolls are your best bet. I think you do pretty well with the silver canadian quarters.

golden silver

 

[Kauka]

Re: Canada's Alloy Recovery Program

seems like it's time to step-up CRH