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1945V
Penny Pincher Member
Canada
153 Posts |
 Posted - 03/10/2010 : 07:06:58
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In 1982, the Canadian mint switched from 100% nickel to Cupronickel in 5 cent coins.
In 2000, the Canadian mint switched to steel cores plated with nickel for 5, 10, 25 and 50 cents coins.
In 2011, the nickel cores in 1$ and 2$ coins with be replaced by steel cores.
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I gather from this that the Canadian mint is expecting nickel to very expensive in the coming years.
I wonder when the US mint will follow suit with 5 cents coins, considering the Cupronickel used for each coin exceeds face value by 12%.
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Edited by - 1945V on 03/10/2010 07:08:20 |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 03/10/2010 : 08:27:00
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I would say it is definetly yes.
But understand, the US mint isn't really opperating with common sense. Well, what I mean is, they are making money off the quarters and dollars. SO they can lose some off the nickels. Plus, they are taking care of their own. If they push the composition question then someone might question the need for nickels and pennies.... and if they stopped minting those two, they'd have to cut jobs. And no government 'business' wants to cut their own jobs. |
"May your percentages ever increase!" |
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fasTTcar
Penny Hoarding Member
Canada
573 Posts |
Posted - 03/10/2010 : 09:27:03
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I would say it is presumptuous to say that the mint thinks that nickel will be very expensive in the future.
They are looking at cutting the cost of current coinage with cheaper materials right now. If a twoonie costs 30 cents to make currently and they can make one with zinc plated steel for 10 cents, why not?
I do believe that nickel copper and all base and precious metal commodities will be more valuable in dollar terms in the future, however, the mint is just making a good business decision. |
www.londongoldbuyer.com |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 03/10/2010 : 16:11:38
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quote:
Originally posted by fasTTcar
I would say it is presumptuous to say that the mint thinks that nickel will be very expensive in the future.
They are looking at cutting the cost of current coinage with cheaper materials right now. If a twoonie costs 30 cents to make currently and they can make one with zinc plated steel for 10 cents, why not?
I do believe that nickel copper and all base and precious metal commodities will be more valuable in dollar terms in the future, however, the mint is just making a good business decision.
I'll tell you why not. Zinc doesn't hold up long before it corrodes and it is rather toxic to handle. |
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fasTTcar
Penny Hoarding Member
Canada
573 Posts |
Posted - 03/10/2010 : 16:33:49
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My apologies, I meant nickel, not zinc.
Here is the quote from the Mint's press release:
The Mint's multi-ply plated steel technology is a unique electroplating process which deposits thin, alternating layers of nickel and copper over a steel core, or "blank", to produce the best quality, most economical nickel and copper based circulation coins available. Canada's one-cent, five-cent, 10-cent, 25-cent and 50-cent circulation coins have been produced with this technology since 2000. Multi-ply plated steel coins are proudly produced by the skilled technicians of the Mint's Winnipeg facility where all circulation coins, for Canada and countries from around the world, are produced.
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1945V
Penny Pincher Member
Canada
153 Posts |
Posted - 03/10/2010 : 18:33:53
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I wonder if they are going to start retiring the old 1$ and 2$ coins for nickel content like they did with nickels, dimes and quarters.
These coins contain a lot more nickel than smaller denominations, but they would need to be processed a lot more. Nickel 5 cent coins, nickel 10 cent and nickel 25 cent coins can be melted directly.
1$ coins would need to be deplated of their bronze coating to get to the nickel core.
2$ coins would need to be taken apart. The outer ring is pure nickel and the center is an alloy that is predominately copper with traces of aluminum and nickel. |
Edited by - 1945V on 03/10/2010 18:49:39 |
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Nickel to be removed from all Canadian Coins
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