Big News regarding cheap copper
The Royal Canadian Mint (RCM) will officially stop releasing pennies in the fall of 2012. In just over six months time, people will start to have to start rounding their to the nearest "0 or 5 cent".
If you are a coin collector or invest in pennies for their copper, I would suggest picking up the pace. These next few months will go by fast and who knows if you'll be able to order pennies come September.
It isn't clear to me, if banks will be able to distribute these coins after the new policy starts. I believed the RCM would start culling copper cents as part of it's recycling program over this option. The RCM has been culling their Nickel and Silver coins for some time now.
It will be interesting to see if Canadian banks start receiving requests from their customers to order large numbers of pennies through this summer. Buy them now while you still can!
I have copied the link to the CNN story here: CNN Canadian Penny Story
We would love to hear your opinions, please leave your comments regarding this topic.
It was very disappointing to hear that the pennies were being removed from circulation. I am one of those people who looks for copper pennies and I had to pick up the pace after hearing this news. I do two boxes of pennies a week now, and would certainly do more if I had the funds for it.
ReplyDeleteThere are still, definitely, three months left to order pennies from the bank, so I would follow the advice of this post and start picking up the pace of coin roll hunting for pennies while you have the chance.
Yeah definitely a good idea to increase the amount you search. I'll be going to Canada at the end of August or the beginning of September. Do you think pennies will still be available to order around that time?
ReplyDeleteSince you have only a couple more months of unlimited ordering left. I would seriously consider ordering more than you can sort now, since you'll be returning over 50% of the coins you get from the banks.
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And as always Happy Coin Hunting!
~ CWS