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Old 07-25-2015, 10:18 PM
 
873 posts, read 809,849 times
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I wish I kept a penny as an antique and memory. I was so sick of pennies I got got all of them out of my house as I ecstatically happy I'll never see them again but now I regret I didn't think it through.... Then again I'll probably find one lying in basement somewhere.
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Old 07-26-2015, 12:56 AM
 
Location: Alberta, Canada
2,127 posts, read 1,731,694 times
Reputation: 2489
Quote:
Originally Posted by Urban Peasant View Post
Check this website out.

In Canada, find a penny, recycle it

The scariest bit is the part about the Canadian Mint selling rolls of pennies for $9.95 each ! I sure wouldn't want to pay that much for a roll of pennies albeit discontinued pennies. Mind you, these are probably shiny untouched pennies unlike the roll the bank teller gave me but still.
Yeah, I think I'll need a little more than an American news site to tell me that the Canadian government has been telling me what to do with my pennies. Got a Canadian government site?

I've got plenty of Canadian pennies. If you want to buy them at ten bucks the roll, I'll sell them. Heck, the banks and government will only give me 50c the roll, so if you're willing to pay more...?
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Old 07-26-2015, 10:07 AM
 
Location: Boston, MA
1,835 posts, read 3,400,522 times
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Quote:
Originally Posted by ChevySpoons View Post
Yeah, I think I'll need a little more than an American news site to tell me that the Canadian government has been telling me what to do with my pennies. Got a Canadian government site?

I've got plenty of Canadian pennies. If you want to buy them at ten bucks the roll, I'll sell them. Heck, the banks and government will only give me 50c the roll, so if you're willing to pay more...?

All right, so you insist, here's the Canadian Mint's own website.

Phasing out the penny

While the fact that Canadian pennies are still accepted as legal tender, because they are being phase out, businesses are not obligated to give pennies as change and as everything is now rounded, they'll see no point in giving pennies as change. As another poster said, banks are not obligated to give out pennies either. They'll probably keep the nicest shiniest ones as collectibles and the rest returned to the Mint to be melted down. No doubt, it will take a long time to get rid of all unwanted pennies but as I already found out, it's already hard to get hold of pennies at face value when one wants them. It's like our American half dollar or our c.1979 era Susan B. Anthony dollar coins, still accepted as legal tender but people are more apt to hold on to them because of their scarcity. And no, I would not pay $10 for a roll of pennies which is part of my concern.
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Old 07-27-2015, 11:41 AM
 
Location: Vancouver
12,506 posts, read 8,668,847 times
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I had a laugh reading " The beloved coin" in the PBS article. Beloved? I know of no one who misses it. I know of no one who is even concerned about it in any way.
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Old 07-28-2015, 01:26 AM
 
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I wish America would follow Canadas example and get rid of their pennies and dollar bill as everytime i visit the USA i end up with huge rolls of $1 bills and pockets full of pennies as it seems all purchases are priced in such a way as to give me 4 $1 bills and 4 pennies in change.
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Old 07-28-2015, 02:16 AM
 
Location: Windsor, Ontario, Canada
11,267 posts, read 13,093,178 times
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Quote:
Originally Posted by Urban Peasant View Post
All right, so you insist, here's the Canadian Mint's own website.

Phasing out the penny

While the fact that Canadian pennies are still accepted as legal tender, because they are being phase out, businesses are not obligated to give pennies as change and as everything is now rounded, they'll see no point in giving pennies as change. As another poster said, banks are not obligated to give out pennies either. They'll probably keep the nicest shiniest ones as collectibles and the rest returned to the Mint to be melted down. No doubt, it will take a long time to get rid of all unwanted pennies but as I already found out, it's already hard to get hold of pennies at face value when one wants them. It's like our American half dollar or our c.1979 era Susan B. Anthony dollar coins, still accepted as legal tender but people are more apt to hold on to them because of their scarcity. And no, I would not pay $10 for a roll of pennies which is part of my concern.
Yeah, but you said the government is requesting we turn in our pennies.
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Old 07-28-2015, 03:34 AM
 
Location: Alberta, Canada
2,127 posts, read 1,731,694 times
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Quote:
Originally Posted by Magnatomicflux View Post
Yeah, but you said the government is requesting we turn in our pennies.
Yes, I also am finding it hard to find in that item that the government is asking/demanding that we turn in our pennies. The Royal Canadian Mint might like us to do so, but they cannot command that we do so.

Perhaps our OP is unaware that Canadian pennies remain legal currency, and that no Canadian currency denomination has ever been demonetized (i.e. made worthless?). Y'know, just like the USD, the NZD, and so on.

The Canadian dollar is as strong as the American dollar. Perhaps worth a little less than the US dollar, but still strong on world markets. It remains a reserve currency in many markets.
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Old 07-28-2015, 05:03 PM
 
Location: Boston, MA
1,835 posts, read 3,400,522 times
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Quote:
Originally Posted by ChevySpoons View Post

Perhaps our OP is unaware that Canadian pennies remain legal currency, and that no Canadian currency denomination has ever been demonetized (i.e. made worthless?). Y'know, just like the USD, the NZD, and so on.
Read carefully the beginning of my last response to you. I am aware that pennies remain legal currency as the articles said so.

While the fact that Canadian pennies are still accepted as legal tender, because they are being phase out, businesses are not obligated to give pennies as change...


The Royal Canadian Mint is not demonetizing the penny, it is not asking everyone to dump their pennies into the gutter, it's merely requesting for people to exchange their pennies at face value at the nearest bank and for the banks to turn in the pennies to the Mint in exchange for face value so that the Mint can melt them down for other uses. You are not obligated to do so and may continue to spend your pennies if you want but as some of the articles say, some establishments may not accept pennies any longer and moreover will not give back pennies in change even if you ask them to. I tried doing exactly that during my last trip at three different establishments in three different cities and practically everyone had no pennies to give back. Remember also that even though there are billions of pennies in circulation right now, the fact that the Mint is no longer making them causes some people to want to hold back their pennies or even hoard them or otherwise I would not be having a great concern and posting this thread on this forum.
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Old 07-28-2015, 05:15 PM
 
Location: Boston, MA
1,835 posts, read 3,400,522 times
Reputation: 1779
Default The madness has already begun

The madness has already begun. Read this:

Hoarding as investment strategy: Why one man stockpiled 3M pennies when Canada ditched the copper coin | Financial Post

Now granted this is an extreme case and I really don't think this individual will get that much in return, my point is that if more and more people either hoard their pennies like this gentleman or turn in their pennies to the banks to give back to the Mint, fewer pennies will be in circulation which will make it all the harder to obtain even a few to keep as collectors items.

My Dear Friendly Northern Neighbors, this may all be pure crock and I might be jittered by something insignificant but I need solid convincing that I, the Mint, and the news articles are all wrong in some way. I'd like to collect a few more pennies the next time I visit Canada.
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Old 07-28-2015, 09:43 PM
 
Location: Windsor, Ontario, Canada
11,267 posts, read 13,093,178 times
Reputation: 13454
^^^ If you really want pennies that bad, just keep your eyes peeled along the curbs and sidewalks while you walk around. I've actually found some fairly old pennies that way.

I don't think the government, in their quest for pennies, will be implementing mandatory magnetized sweeps of the contents of street sweepers until sometime in 2017.


I have a really nice penny in incredible shape from 1914. Looks like this:

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