Canada Keeps Their Penny Alive!!! Okay, I understand that news about coins may not be news to some groups or even most groups. But back in March 2012 when the RCM announced they would stop minting pennies after this year and stop distributing them altogether in September of 2012 I thought perhaps this was noteworthy to the masses. I just read that they will now continue to distribute pennies until 2/2013. I had to update my blog to reflect the news. The extension was made to help banks and stores prep their staff for the transition and get through the holidays. But I'm sure penny hunters / copper hoarders across Canada were rejoicing yesterday at the news.
Does this mean that they have stockpiled 2012 and possibly earlier Canadian cents or that there will be 2013 dated Canadian cents minted intended for circulation? I was perfectly happy closing the chapter on my collection of small Canadian cents as far as business strikes go.
I believe the RCM is distributing pennies like normal, and will continue to do so through the end of January 2013. That means 2012 pennies are being circulated along with older dates. I am interested to learn if there will be a 2013 penny. At the moment the only hoarding of pennies that I know of is coming from citizen's buying them from banks. When they stop distributing them in 2013 it will be much like Ike Dollar coins here in the US. They still have value and but you can't get banks to order them from the Fed.
They stopped striking cents back in May and they have said that they will not be striking anymore (Per link posted by MrBrklyn on the same topic). Well they can only distribute them if they have them on hand. If the Canadian citizens are like US citizens and have a tendency to throw their change into jars and drawers, the RCM may run low on cents and the businesses may be rounding long before the Feb cut off.
Copper Hoarders? Are you serious? These are copperplated steel with barely enough copper to pay for smelting it off.
Hi 19Lyds, Of course I'm serious. Just like copper sorters here in the US that look for coins dated 1982 and older. In Canada it's 1996 and before. The copper rates in Canada still run well into the 40% range in some parts. A motivated sorter could do quite well setting up shop in Canada for the next 6 months. If the exchange rate were like it was back in 2002-2003, I would consider doing this.
