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mickeyman
Penny Pincher Member
Canada
243 Posts |
 Posted - 08/19/2007 : 22:13:49
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Anyone hear anything more about the Canadian Mint's plan to recall coins and recover valuable alloys (and flood the world with steel)?
If this is going ahead, it seems to be running like any other government program. I haven't noticed any decline in percentages.
I wrote the Mogambo Guru about it awhile ago. Here is his response:
Thanks for the news, as depressing as it is, and the observation that it is
a mystery why people are not rioting in the streets over the inflation that
is destroying their money right in front of their eyes.
I figure that the reason is that the government is a
commie/socialist/fascist failure, the free press is a failure in its duty to
report it, the schools are a failure in their duty to educate the people
about it, and the people themselves are a failure to themselves in that they
are a greedy, self-absorbed bunch of morons crippled by their own inbreeding
and ingestion of too many prescription drugs!
-Mogambo
What an optimistic guy!
Not all who wander are lost.
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MaDeuce
Penny Pincher Member
USA
124 Posts |
Posted - 08/30/2007 : 21:13:00
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The ARP is in full swing. They are pulling coins earlier than the year 2000. I know three major coin "service providers" in the GTA that have bought new equipment and are running full tilt. It has become almost impossible to get good street coin in any significant quantity (for me at least) in the past six weeks. All I am seeing is new issue coins. The exception to this is sources like Coinstar, but these guys are feeding into service providers that are doing ARP for the mint, so even these coins are getting intercepted.
I, too, had faith that, like any government program, the ARP would take a few years to implement. It seems, however, that I was wrong. |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 08/31/2007 : 14:06:16
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This update and the pending US bill should be a real wake up call to those of us hoarding in the US. It shows that the government can act alot quicker on this than most people, including myself, thought possible. If the release of new US steel pennies and nickels is coupled with an ARP similar to Canada's, the supply of copper pennies and nickel nickels will dry up real quick.
Also what happens to the nusimatic value of coins when they start melting them? Only keeping 2000s and up means they are only keeping steel pennies in circulation. So tons of copper and zinc pennies are getting melted. Maybe any zincs left will end up being worth 2 cents each to collectors... |
Edited by - horgad on 08/31/2007 14:13:59 |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 08/31/2007 : 14:42:25
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I am cranking up the level on my own ARP while there are still alloys to recover. Hopefully our government won't be as efficient as our neighbors to the north. They would be stupid not to start a similar program.. but it would not be the first time they excercised their proclivity towards stupidity. I like that idea of zinc pennies being worth 2 cents each.. after today's pickup I may be the proud owner of about 60 boxes of shiny new zinc pennies.
If your percentages are low.. just sort more.
"Preserving REAL coinage.. 2 tons at a time"
HoardCode0.1:M49/15USCA:US1Cu695300(150000 Reserved):US5Ni9500:CA5Ni1150 |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 09/02/2007 : 21:49:42
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I have been thinking about this A-R-P going on, and it makes me realize that with the Canadian Government pulling in the Pure nickel coins, the few that escape will develop a numismatic value. Think about it, future coin collectors in Canada will find the supply of common coins are not common but scarce. Scarce coins go for a premium whether they are gold, silver, copper or nickel. Consider the buffalo nickel, very good specimens with legible dates are hard to find, thus, the price for such nickels increases.
If the supply of Canadian nickel coinage drops very low, the remaining coins will sell for a premium in years to come.
It wouldn't hurt to save some Canadian Coins for their future collectable value.
I should have chosen "Cut-n-Paste" as a forum name, since that is what I do, mostly. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 09/02/2007 : 22:57:59
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I've managed to set aside a few of those Canadian nickels. You know I would have had a lot more if I lived anywhere near the border.
If your percentages are low.. just sort more.
"Preserving REAL coinage.. 2 tons at a time... and FAKE coinage.. a quarter ton at a time.. just for speculation"
HoardCode0.1:M49/15USCA:US1Cu700250(150000 Reserved):US1Zi150000:US5Ni9500:CA5Ni1150 |
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Cerulean
Penny Hoarding Member
USA
993 Posts |
Posted - 09/04/2007 : 08:37:23
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I'd be surprised if the US started an ARP like Canada's. They didn't bother to pull out the silver during the 1980 price spike, did they?
RUNNING TOTAL
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3331 zincs (1982-2007) 75.5%
1053 coppers (1959-1982) 23.9%
26 wheats (1920-1958)
6 Canadian (1968-1995)
1 dime (2004)
Wanna take money away from the Fed? Spend dollar coins! |
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CommandD
New Member
22 Posts |
Posted - 09/04/2007 : 11:39:44
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quote:
Originally posted by Cerulean
I'd be surprised if the US started an ARP like Canada's. They didn't bother to pull out the silver during the 1980 price spike, did they?
They did not, but it would not surprise me if this administration pulled in all copper and nickel coins "for the war effort" and declared penny hoarders "unpatriotic."
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 09/04/2007 : 11:59:51
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"I'd be surprised if the US started an ARP like Canada's. They didn't bother to pull out the silver during the 1980 price spike, did they?"
It probably had a lot to do with the capability of the mint to produce new coinage. They can't pull stuff out of circulation if they can't make new coins fast enough to replace the old ones. I am guessing that the modern mints (as Canada is demonstrating) can really ramp up production in big way when needed.
Granted the US mint has to telegraph all their moves and is not nearly as flexible as the Canadian mint. Of course, that will change if the latest bill goes through and the US mint is freed from waiting around for congress to make decisions.
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Cerulean
Penny Hoarding Member
USA
993 Posts |
Posted - 09/04/2007 : 14:47:35
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Good points, Horgad.
Something I recall.... consider how much US cash is used as an everyday currency outside the US. The BEP estimates that 65% of cold hard US cash is not in the United States, but abroad. Further, American cash is official legal tender in Ecuador and El Salvador, and de facto legal tender in Panama and much of the Caribbean. This is a problem the Canadians don't have to deal with, but not an insurmountable one. Getting at all the alloys to be collected will take more patience, or more strongarming of foreign banks.
When the Canadians switched to plated steel circa 2001, they made a broad sweep and changed EVERY denomination to the cheaper composition (excepting the Loonie and Toonie). If the US Mint changes the penny and/or 5cent to plated steel (or anything else), they might make such a broad change too. Maybe ALL American coins will be debased simultaneously. If that happened, would the American guv'ment bother to reclaim all the copper-nickel clad coinage they could acquire?
I still maintain the historical precendent... that the United States has never sought out to recall or denometize coins of obsolete metal content. They prefer to sit back and let Gresham's Law do all the expensive work for them. The Mint did intend to reclaim the war nickels, but never implemented a plan. The only time the guv'ment has actively axed a coin was with the 1943 steel cents. Due to confusion with the dime and compounded by corroding edges, the Mint spent a couple years dumping '43 pennies into the Pacific Ocean.
We, my friends, are the agents of Gresham's Law. We ourselves are the American ARP. I will do my part to preserve coinage, and history.
RUNNING TOTAL
---------------------------------------
3331 zincs (1982-2007) 75.5%
1053 coppers (1959-1982) 23.9%
26 wheats (1920-1958)
6 Canadian (1968-1995)
1 dime (2004)
Wanna take money away from the Fed? Spend dollar coins! |
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Jason
Penny Pincher Member
USA
138 Posts |
Posted - 09/04/2007 : 16:10:26
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"We, my friends, are the agents of Gresham's Law. We ourselves are the American ARP. I will do my part to preserve coinage, and history."
wow, Cerulean, you make me feel important:) |
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mickeyman
Penny Pincher Member
Canada
243 Posts |
Posted - 09/05/2007 : 21:36:01
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I have noticed in the past couple of weeks a big increase in the number of steel coins in the rolls of nickels I have been buying. Nickel quarters are disappearing as well--I would have thought that pre-2000 coins would constitute half of the coins, but judging by my change the percentage is already far lower.
Not all who wander are lost. |
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NiBullionCu
Penny Pincher Member
USA
168 Posts |
Posted - 10/31/2007 : 09:37:44
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The latest edition of "Coin World" has an updated article
on the Asset Recovery Program.
They are rolling the coinstar machines out to Quebec and Ontario Next.
They are withdrawing ALL pre-2001 coins... |
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Alloy recovery program
Forum Locked
