| Author |
 Topic  |
|
|
mickeyman
Penny Pincher Member
Canada
243 Posts |
 Posted - 05/12/2008 : 15:37:31
|
Sorry about the dramatic title.
The percentage of .999 Ni Canadian quarters fell from 65% to 15% in six months at the end of 2007.
A similar drop occurred in dimes.
Now it seems nickels are under attack. One third of the .999 Ni nickels have disappeared from circulation in the last few months. Finishing the job should take only about four more months.
The total reduction in percentages of nickels may be more extreme than for quarters because the nickels are actually economic to recover. I would expect the total percentages of .999 Ni and cupronickel to be lower than 15% within about four months. Given that there are roughly 2.5x as many cupronickel coins as Ni, the final percentages will likely be about 4% .999 Ni and 10% CuNi when the recovery program is complete. There will also be a flood of steel nickels.
I am arranging to pick up boxes of nickels at my favourite banks and even some new banks in the next couple of weeks. The end is really coming this time. There will always be the chance of picking up some old collections that people bring to the banks, but there won't be much collecting in the meantime.
|
Not all who wander are lost. |
|
|
HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/12/2008 : 22:06:43
|
If I were up there I think I would be prestocking heavily to sort later Focus on getting as many as you can and sort as fast as you can to recover capital. Once it is over, start on pennies.. you guys still have lots of copper in circulation up there.  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
 |
|
|
Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 05/13/2008 : 08:01:22
|
quote:
Originally posted by HoardCopperByTheTon
If I were up there I think I would be prestocking heavily to sort later Focus on getting as many as you can and sort as fast as you can to recover capital. Once it is over, start on pennies.. you guys still have lots of copper in circulation up there.
I agree, at this point in Canada supply is more important than quick sorting. |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
Think positive. |
|
|
|
mickeyman
Penny Pincher Member
Canada
243 Posts |
Posted - 05/13/2008 : 20:22:38
|
I agree. My plan is to buy up boxes of nickels from promising banks, and sort them at leisure. My kids like to help, but it slows the process down. My daughter enters the numbers into the spreadsheet, and has even learned to interpret which banks to concentrate on.
Pennies may not be so good. I have not bought many, but the last time I did the percentages had also dropped a lot. The Mint may be hitting pennies too.
The thing I can't figure out is why they took out dimes and quarters first. It looks like they did it by offering coin sorting companies a "bounty" on pre-2000 quarters, but they couldn't really pay less than say 30 cents for a quarter (otherwise the company wouldn't do it) . . . but they only got about 14 cents worth of metal from it. So I don't see the sense of it other than as an Act of Official Malevolence. |
Not all who wander are lost. |
|
|
|
Steiner
Penny Collector Member
Canada
278 Posts |
Posted - 05/13/2008 : 20:33:23
|
About two years ago I read in a Canadian coin paper (sorry I forgot which one). That the mint was pulling all the nickel based coins and melting them.
I am only getting maybe 15% to 20% Nickel in my .05 cents.
I am in the Vancouver area BTW.
Steiner |
Steiner |
|
|
|
knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 05/15/2008 : 22:32:44
|
| Tell me about Canadian qtrs and dimes. Are some of them worth more than their face value? |
|
|
|
Cerulean
Penny Hoarding Member
USA
993 Posts |
Posted - 05/16/2008 : 14:05:44
|
quote:
Originally posted by knibloe
Tell me about Canadian qtrs and dimes. Are some of them worth more than their face value?
Per this link (which really needs a "% of face value" column):
You must be logged in to see this link.
1968-1999 dimes and quarters are worth about half their face value. Pre-1968 dimes and quarters are worth far more than face just for their silver content. |
Sorting Map
2010 First Finds Contest
Are you a Buffalo Hunter?
Wanna take seignorage away from the Fed? Spend *any* coins!
We cannot afford this government.
Cerulean's Standing Offer: $3/lb shipped for foreign coins |
|
|
|
mickeyman
Penny Pincher Member
Canada
243 Posts |
Posted - 05/16/2008 : 21:23:17
|
The dimes and quarters were not worth going after at all, which is why I thought it so unusual that the Mint would pull those out of circulation first. I would have thought they would go after the pennies and nickels first.
But there is a way it might pay. The Mint gets the quarters by allowing the coin distributors (Coinstar, Coinage Distributers, etc.) to sort coins and offers them a bounty for each of the pure nickel coins. Suppose they offer 30 cents for a quarter. There is 15 cents of nickel in that quarter. BUT the Mint gets to make a new steel quarter, and maybe that only costs 5 cents, so they make enough on the seignorage from the replacement coinage that they have to make in order to pay for the program.
I still think it would have been cheaper to have let Gresham's Law take these coins off the market. But I think we have been offered a signal . . . that a flood of inflation is coming, and the Canadian government did not want stories floating around of coins whose metal content is greater than their face value. So take them from circulation first so nobody can figure out that anything has gone awry (until they discover their $800 monthly retirement cheque only gets them a decent meal at a family restaurant). |
Not all who wander are lost. |
|
|
|
knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 05/16/2008 : 22:29:19
|
| Thanks for the info. I didn't think that the canadian coinage was worth more than it's face (except for the older silver ones). |
|
|
|
fasTTcar
Penny Hoarding Member
Canada
573 Posts |
Posted - 05/18/2008 : 10:28:25
|
quote:
Originally posted by mickeyman
The dimes and quarters were not worth going after at all, which is why I thought it so unusual that the Mint would pull those out of circulation first. I would have thought they would go after the pennies and nickels first.
You have to look at it from the mints perspective. They can coin steel quarters for a few cents. Removing the nickel ones actually generates a profit for them by paying for them with new steel ones.
As far as coin processors removing them, I am told the Coinage distribution is removing them on behalf of the mint. |
www.londongoldbuyer.com |
|
|
|
jadedragon
Administrator
Canada
3788 Posts |
Posted - 05/19/2008 : 23:25:24
|
quote:
Originally posted by Cerulean
quote:
Originally posted by knibloe
Tell me about Canadian qtrs and dimes. Are some of them worth more than their face value?
Per this link (which really needs a "% of face value" column):
You must be logged in to see this link.
1968-1999 dimes and quarters are worth about half their face value. Pre-1968 dimes and quarters are worth far more than face just for their silver content.
I long wondered why there is no percentage of value on the CDN coinflation chart. Then I noticed that the metal value is denominated in US dollars (near equal value these days) but the coins are in CDN $ of course. So calculating an percentage would involve a live exchange rate factor too. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
|
|
| |
Topic |
|
Canadian nickels have four months to live
Forum Locked
