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New Loonie and toonie


neweden
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So, the RCM is going to make the new Loonie and Toonie for this year out of steel blanks.

I guess the older coins will now be worth hanging on to.

Thoughts anyone.

 

______________________________________________

 

It is wonderful to be here

in the great state of Chicago.

 

Dan Quayle

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This is the first that I'd heard they're changing the composition for the $1 and $2 coins. I'm guessing it will drive the older coins out of circulation. Is the RCM still pulling in non-steel coins and melting them?

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Yes, the campaign on withdrawing nickel minors is definitely active - some bank wrapped rolls I'm getting to look at are all steel coinage, with nickel and US coins removed.

 

If you ask me, it'll probably be a headache for vending machine operators - since steel slugs could probably be made at a much lower expense than pure nickel ones (of which I've never heard of any). Look at Toronto and their problems with AL transit tokens until they switched to bi-metallics.

 

The switch was discussed about a year or two ago.

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As for hanging onto nickel loonies, it probably wouldn't be worthwhile - consider that nickel voyageur dollars are pretty much universally unwanted.

 

I agree, but think longterm rather than shorterm, if the RCM is recalling 50cents and dollars and melting them (Which they are) wouldnt they end up like the silver and be sought after down the road, I mean think outside the box, all of a sudden you have all steel coins in circulation and very few silver and likewise now very few nickel coins to collect.

As for me I am currently hoarding nickel coins for that very reason, my bank calls me whenever they get some in and I must say the calls are getting fewer and fewer..

______________________________________________

 

When I was a boy

The dead sea was only sick.

 

George Burns

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Even in the long run, it probably still isn't going to pan out, except for the Ni 5c, which have a much higher intrinsic value.

 

At current prices, BU Canadian silver coinage from about 1963 onwards is scrap - they're sought after by precious metal buyers more so than by collectors. 1968 and 1969 nickel dollars are virtually unsellable. Unlike with the US, where there is a small market for the nickel clad Eisenhower dollars of the 1970s, I just don't see Canadian nickel dollars gaining any sellable premium over face.

 

The only people who would want the nickel coins are date set collectors. Those with a bit more money will probably just buy PL sets since they're pretty inexpensive for most dates, especially 1968-80s, and those with less means might just try to find a dealer who's willing to set aside stuff for them at face or close to face.

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I agree, but think longterm rather than shorterm, if the RCM is recalling 50cents and dollars and melting them (Which they are) wouldnt they end up like the silver and be sought after down the road, I mean think outside the box, all of a sudden you have all steel coins in circulation and very few silver and likewise now very few nickel coins to collect.

As for me I am currently hoarding nickel coins for that very reason, my bank calls me whenever they get some in and I must say the calls are getting fewer and fewer..

 

 

Yup. I know a guy who owns a coin sorting machine and runs boxes of pennies to sort out the copper pennies from the plated steel ones. At some point it will be legal to melt these old coins. The pennies and nickels will disappear from circulation, being hoarded/melted, just like the old silver coinage. Most people thought it was crazy to save silver coins in the late 60s/early 70s when the melt value wasn't much above face value. Now look where we are!

 

PS, I am currently working on an iphone app which will help people track and save their old silver coins, as well as newer nickel and copper coins. Should be released in the near future. Will keep you guys posted :)

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  • 2 weeks later...

So anybody seen the new coins yet, I hear they were set for release last week, is this true.

 

______________________________________________

 

Do you think that when they asked George Washington for ID

He whipped out a quarter..

 

Stephen Wright

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  • 3 months later...
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