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deleted
17 Posts |
 Posted - 01/13/2007 : 02:09:10
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If you're a Canadian coin collector, you're too late; your own government beat you to it. Who will get the amero production contract? Where will the NAU Regional Central Bank be located? Can bronze or aluminum be copper-plated?
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Plated coins in our future?
By Todd Haefer
In the wake of rising copper, nickel and zinc prices, and a United States melting ban on cents and nickels, is a change in the composition of U.S. coins in the works?
Doug Andrews, a collector and mint consultant from Winnipeg, said the Royal Canadian Mint’s agreement with a U.S. company last year could point to changes in the way the U.S. makes coins.
Canada started replacing its cupronickel planchets for the five-cent coin with plated steel in 1999.
As a result, Canada has one of the lowest material costs in the world among major mints. The move was in anticipation of rising base-metal prices, which has caused the U.S. Mint to spend more producing cents and nickels than their face values.
The RCM signed a licensing agreement in April 2006 with Jarden Zinc Products Inc., of Greenville, Tenn., for Jarden to produce a billion multi-ply plated coin blanks for “potential customers in the Americas” using technology that the RCM patented. The U.S. Mint already orders about 7 billion copper-coated zinc blanks from Jarden annually. The RCM has also provided planchets to the U.S. for Sacagawea dollars.
Andrews said the RCM has also taken another step to address coin production costs.
“They are doing the opposite of the U.S. – instead of banning melting, they are doing it themselves, culling all the nickel- and high-copper-content coins and returning them to the mint,” he said. “They realized that if they didn’t do it, everyone else would, so they are actively participating in a mass melt of their own coins.”
U.S. Mint Director Ed Moy issued a temporary ban on the melting of cents and nickels Dec. 14, and also placed restrictions on their export. He said the steps were necessary to prevent melting in the wake of base-metal prices outpacing the face value of the coins.
Andrews said the RCM has contracted with a company that places machines in stores that, for a small discount, accepts coins in exchange for notes or credit at a bank.
He said this has been occurring for about the last 12-18 months, with the result that almost all the circulating coins now found in Canada in circulation are dated 2000 and after.
“So the government is taking high-nickel and high-copper content coins out of circulation, and replacing them with low-metal-value coins. Do you realize what that does to its seignorage?” Andrews asked.
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No, this is not original to me, but it is very well put and the address is right there for you to see for yourself.
Jon
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 01/13/2007 : 11:39:49
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quote:
Originally posted by jonsmith8404
If you're a Canadian coin collector, you're too late; your own government beat you to it. Who will get the amero production contract? Where will the NAU Regional Central Bank be located? Can bronze or aluminum be copper-plated?
Bronze wouldn't need to be copper plated since it already is a copper alloy to begin with. In Europe they copper plate steel coins for the one and five cent Euro coins, so plating aluminum, or alloying a little copper with aluminum to give it a copper color is doable.
Thank you very much for letting us know about Jarden Zinc Products Inc., of Greenville, Tenn. At last we know of one supplier of the US Mint, even if it is a zinc cent supplier.
I have seen that other countries around the world have switched over from cupronickel to steel, so minting US coins out of steel would make sense. |
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 01/13/2007 : 14:11:10
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hmmm... this is the first report I've seen that indicates the RCM is pulling pure Ni coins. I'll have to go buy a couple of nickel boxes on monday and see if they're bare or not.
HoardCode0.1: M28/5CAON:CA5Ni27615:CA1Cu1200:CA100Ag345:
CA10Ag250:CA50Ag100:CA25Ag30:CA500Ag48:US100Ag20:CA1000Ag16
How to read a HoardCode:
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 01/13/2007 : 17:20:25
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If true you can expect the value of your 100% nickel nickels to shoot up in value due to their collector's value. You may never need to melt a nickel in order to turn a profit.
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Burn paper dollars before you melt coins. |
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just carl
Penny Hoarding Member
USA
601 Posts |
Posted - 01/19/2007 : 18:21:27
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quote:
Originally posted by Ardent Listener
If true you can expect the value of your 100% nickel nickels to shoot up in value due to their collector's value. You may never need to melt a nickel in order to turn a profit.
________________________
Burn paper dollars before you melt coins.
I truely hope that happens. I have at least 6 full sets of Jeffersons from 38 to present and all in MS conditions. However, my experience is that the Jefferson Nickels is the least collected coin.
Carl |
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deleted
4 Posts |
Posted - 01/24/2007 : 19:00:11
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I have heard about the mint doing this for a while now. Going through my change at the end of the day I still see about half being non-plated coins.
I suspect it's only a matter of time before the US Mint switches to the same. It only makes cents!!! |
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deleted
478 Posts |
Posted - 02/02/2007 : 22:20:11
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All the metal for Canadian Coins is made right here in Western NY by a company called Gibraltar Steel. Canadian coin metal is Made in the USA.
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The USA will go with similar coins in the next two years. Chances are they will use this same outfit in my opinion. |
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Canadian Coins are mostly new
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