August1991 Posted March 2, 2013 Report Posted March 2, 2013 (edited) Now that the government is not going to make anymore pennies, I wondering what is going to happen to the US penny in Canada? Is the MInt going to collect them too but return the penny to the US, once the penny comes fully out of circulation? Anyone know? Topaz, I suspect that you're an English-Canadian and you have created a "good thread". How is Canada different from America? Canada no longer has a one-cent coin, and we now have "plastic" money. What will America do? Your question is otiose. ---- Imagine, we may have two countries, and even two currencies. Why not? Norway is separate, and has its own currency. Denmark has its own currency. Finland has a good education system, a model / comparable to Québec. This "federal" Canada: Let's make it work. Edited March 2, 2013 by August1991 Quote
jbg Posted March 3, 2013 Report Posted March 3, 2013 Yeah those old pennies worked good in fuse boxes. That made me laugh. Quote Free speech: "You can say what you want, but I don't have to lend you my megaphone." Always remember that when you are in the right you can afford to keep your temper, and when you are in the wrong you cannot afford to lose it. - J.J. Reynolds. Will the steps anyone is proposing to fight "climate change" reduce a single temperature, by a single degree, at a single location? The mantra of "world opinion" or the views of the "international community" betrays flabby and weak reasoning (link).
Wilber Posted March 3, 2013 Report Posted March 3, 2013 That made me laugh. Burned down a lot of houses to. Quote "Never trust a man who has not a single redeeming vice". WSC
Topaz Posted March 3, 2013 Author Report Posted March 3, 2013 Topaz, I suspect that you're an English-Canadian and you have created a "good thread". How is Canada different from America? Canada no longer has a one-cent coin, and we now have "plastic" money. What will America do? Your question is otiose. ---- Imagine, we may have two countries, and even two currencies. Why not? Norway is separate, and has its own currency. Denmark has its own currency. Finland has a good education system, a model / comparable to Québec. This "federal" Canada: Let's make it work. What I wondering is if the Canadian penny is taken out of circulation, then what happens to the US penny within Canada. Does Canada have the legal right to destroy other countries legal tender too? Quote
bush_cheney2004 Posted March 4, 2013 Report Posted March 4, 2013 ...Does Canada have the legal right to destroy other countries legal tender too? Sure...knock yourself out. Why are there so many U.S. cents in Canada ? Quote Economics trumps Virtue.
August1991 Posted March 4, 2013 Report Posted March 4, 2013 What I wondering is if the Canadian penny is taken out of circulation, then what happens to the US penny within Canada. Does Canada have the legal right to destroy other countries legal tender too? Topaz, what is "Canada"? I reckon that individual Canadians can do what the hell they want with US pennies. If you manage to find a US cent minted before 1982, it's worth more for its copper value. Why not melt it down! According to Wikipedia, it now costs the US government two cents to mint each penny. Since 1982, US pennies are mostly zinc, with a thin copper plating. BTW, penny is a British term. Americans call it a cent. In Quebec, we call it a sous noir, or a cenne. Quote
Guest American Woman Posted March 4, 2013 Report Posted March 4, 2013 (edited) BTW, penny is a British term. Americans call it a cent. In Quebec, we call it a sous noir, or a cenne. We call it a penny; a penny says "one cent" on it, but we call it a penny - just as we call a nickel a nickel, even though it says "five cents" on it. I reckon that individual Canadians can do what the hell they want with US pennies. Adgree. I can't see this being an issue that the Canadian government would concern itself with. Why would the government care if there are U.S. pennies in Canada? I'm sure it won't be considered legal tender, but I doubt the government will be concerning itself with destroying it. Edited March 4, 2013 by American Woman Quote
Wilber Posted March 4, 2013 Report Posted March 4, 2013 (edited) What I wondering is if the Canadian penny is taken out of circulation, then what happens to the US penny within Canada. Does Canada have the legal right to destroy other countries legal tender too? Why would we destroy them? Just bundle them up and return them to the US in exchange for bigger denominations. With everything rounded to the nearest nickle, you would need at least five of them to buy anything anyway. My guess is Canadian business will stop accepting US pennies once all the Canadian ones are out of circulation. Deliberately destroying another country's currency would be a pretty drastic step for anyone. Extremely unlikely outside of being in a state of war and unusual even then. Edited March 4, 2013 by Wilber Quote "Never trust a man who has not a single redeeming vice". WSC
ZenOps Posted March 5, 2013 Report Posted March 5, 2013 (edited) Why would anyone return a penny for a larger coin? The US quarter is worth less than a US nickel in metal content, and roughly equivalent in value to two copper pennies. Canada has been melting down nickel coinage since 2003 through the "Alloy recovery program" to the tune of about 1,000 tons per year. I can imagine most of the dollar proceeds go to the crown (British Royal Family) but the metal itself probably goes to China. Melt US coinage in Canada? Perfectly legal. British Crown melting Canadas nickel and copper coinage, they have been doing it for at least nine years now. What is illegal is bringing more than $100 worth of US pennies or nickels across the US<>Canadian border. The US instituted penny and nickel capital flight controls December of 2006 (yes, usually a country will institute capital controls only in time of war) Edited March 5, 2013 by ZenOps Quote
guyser Posted March 5, 2013 Report Posted March 5, 2013 I can imagine most of the dollar proceeds go to the crown (British Royal Family) but the metal itself probably goes to China. Huh? Quote
ZenOps Posted March 16, 2013 Report Posted March 16, 2013 (edited) Huh? The Canadian mint is a Crown Corporation, very unlike the US mint. Once the copper is removed, it technically goes back to the Crown, who can then resell it to whoever they want. So the crown gets a few fiat dollars, but the physical metal goes to China. Edited March 16, 2013 by ZenOps Quote
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