Personal Finance

Are Canadian Pennies Worth More Than 1¢?

  • Last Updated:
  • Jan 20th, 2019 10:01 pm
Deal Addict
May 15, 2013
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Montreal
Pete_Coach wrote:
Dec 7th, 2018 12:49 pm
Why bother to do that? Go to a bank and they will give you face value for them.
Why? They are no longer in circulation.
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Oct 13, 2014
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iamthebest wrote:
Dec 8th, 2018 10:59 pm
Why? They are no longer in circulation.
However they are still legal tender:
"The cent will remain Canada's smallest unit for pricing goods and services. This will have no impact on payments made by cheque or electronic transactions—only cash transactions will be affected. Moreover, pennies can still be used in cash transactions indefinitely with businesses that choose to accept them." https://www.mint.ca/store/mint/about-th ... A0H0THfeCg

The Canadian Bankers Association statement:
"Yes, pennies continue to be legal tender in Canada and banks accept them for cash payments."

"Yes, financial institutions continue to allow customers to redeem or deposit their pennies as long as they are rolled or wrapped for deposit."
https://www.cba.ca/phasing-out-the-penny-in-canada
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May 10, 2005
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iamthebest wrote:
Dec 8th, 2018 10:59 pm
Why? They are no longer in circulation.
because it is still legal money.
Life is short......Make sure you spend as much time as possible on the internet arguing with strangers about politics :). Anonymous
Newbie
Aug 27, 2018
95 posts
102 upvotes
Kyle Bass from a Michael Lewis interview.
On nickels:

He still owned stacks of gold and platinum bars that had roughly doubled in value, but he remained on the lookout for hard stores of wealth as a hedge against what he assumed was the coming debasement of fiat currency. Nickels, for instance.

“The value of the metal in a nickel is worth six point eight cents,” he said. “Did you know that?”

I didn’t.

“I just bought a million dollars’ worth of them,” he said, and then, perhaps sensing I couldn’t do the math: “twenty million nickels.”

“You bought twenty million nickels?”

“Uh-huh.”

“How do you buy twenty million nickels?”

“Actually, it’s very difficult,” he said, and then explained that he had to call his bank and talk them into ordering him twenty million nickels. The bank had finally done it, but the Federal Reserve had its own questions. “The Fed apparently called my guy at the bank,” he says. “They asked him, ‘Why do you want all these nickels?’ So he called me and asked, ‘Why do you want all these nickels?’ And I said, ‘I just like nickels.’”

He pulled out a photograph of his nickels and handed it to me. There they were, piled up on giant wooden pallets in a Brink’s vault in downtown Dallas.

“I’m telling you, in the next two years they’ll change the content of the nickel,” he said. “You really ought to call your bank and buy some now.”
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Jan 9, 2011
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georgist wrote:
Dec 9th, 2018 1:12 pm
Kyle Bass from a Michael Lewis interview.
“The value of the metal in a nickel is worth six point eight cents,” he said. “Did you know that?”
The joke's on him now, because the price of nickel and copper has fallen since he wrote that, and the metal value of a US nickel is now US 3.64¢. I wonder how much those Brinks vault monthly fees are.
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Were you hit with surprise customs/import fees on an Amazon.ca purchase?
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Aug 27, 2018
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Kiraly wrote:
Dec 9th, 2018 2:00 pm
The joke's on him now, because the price of nickel and copper has fallen since he wrote that, and the metal value of a US nickel is now US 3.64¢. I wonder how much those Brinks vault monthly fees are.
Sure, my point wasn't to big him up. I think it's interesting to think about the manufacture cost vs face value, it's instructive. Your info makes it even more so!
[OP]
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Nov 16, 2004
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Toronto
dutchca wrote:
Dec 7th, 2018 6:39 pm
List them on a buy and sell site on Facebook. People buy them for crafts and table tops. In my experience 2-3X face value minimum.
Facebook won't take them, no sale of currency allowed (at least in the marketplace).

Family is worried about me getting a pocket full of fake money (in return). Ugh
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Jan 27, 2007
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DaVibe wrote:
Jan 20th, 2019 8:21 pm
Facebook won't take them, no sale of currency allowed (at least in the marketplace).

Family is worried about me getting a pocket full of fake money (in return). Ugh
Post in a buy and sell group and turn off selling features. They will sell.

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