Pre-1966 Pennies

General discussions about canadian coins.
Post Reply
Noncents
Posts: 1
Joined: Mon Jan 11, 2021 5:26 am

Pre-1966 Pennies

Post by Noncents » Tue Jan 12, 2021 1:14 pm

I have an opportunity to buy a large quantity of pre-1966 circulated pennies but am not sure how to establish an offering price. They have been sealed in jars since 1966. Any suggestions, comments or advice would be appreciated.

henrysmedford
Posts: 171
Joined: Sat Jun 29, 2013 10:44 am
Location: Oregon

Re: Pre-1966 Pennies

Post by henrysmedford » Tue Jan 12, 2021 2:19 pm

Here in the states I can buy them at less than face. The local coin shop sells them at .75 for the exchange rate now and then at a .8 after that.I think they are worth more in melt value than they are in numismatic value. See https://www.coinflation.com/canada/

coinguy
Posts: 579
Joined: Tue Aug 16, 2016 10:03 am

Re: Pre-1966 Pennies

Post by coinguy » Tue Jan 12, 2021 4:44 pm

I would say it depends on far back the dates go. Are they just Queen Elisabeth's? If so then in circulated condition they are probably worth 2 1/2 cents each for copper value. The chance of finding any errors are slim as they have probably been looked over.
If there are any King George V & VI cents, then the value will increase for these.

VininWpg
Posts: 3
Joined: Fri Jan 08, 2021 2:58 pm

Re: Pre-1966 Pennies

Post by VininWpg » Mon Jan 18, 2021 4:39 pm

In Canada, it is illegal to melt legal currency. Does the penny still fall under legal currency? I've talked to local scrappers in our area and none of them will take copper pennies. Let us know if there is something I'm missing

henrysmedford
Posts: 171
Joined: Sat Jun 29, 2013 10:44 am
Location: Oregon

Re: Pre-1966 Pennies

Post by henrysmedford » Mon Jan 18, 2021 7:29 pm

VininWpg wrote:
Mon Jan 18, 2021 4:39 pm
In Canada, it is illegal to melt legal currency. Does the penny still fall under legal currency? I've talked to local scrappers in our area and none of them will take copper pennies. Let us know if there is something I'm missing
I do believe you’re correct. And I think it’s actually illegal to melt down silver coins to but that doesn’t stop the value to be determined by what the metal in it is worth meaning that most pre 66 are probably worth more for melt than they are numismatic value not that you can melt them.

See https://laws-lois.justice.gc.ca/eng/ac ... age-1.html

momomomo
Posts: 138
Joined: Sun Dec 20, 2009 4:59 pm

Re: Pre-1966 Pennies

Post by momomomo » Wed Jan 20, 2021 1:59 pm

The 1-cent coins are still legal tender and will always worth at least 1-cent Canadian :)

Bond632
Posts: 114
Joined: Fri Oct 18, 2019 7:59 am

Re: Pre-1966 Pennies

Post by Bond632 » Wed Jan 20, 2021 2:50 pm

Thanks for the link Henry. By my understanding after reading it, I think it states that coins could be melted with a special permit and coins that are bent or defaced are not legal tender. Or did I read that wrong?

henrysmedford
Posts: 171
Joined: Sat Jun 29, 2013 10:44 am
Location: Oregon

Re: Pre-1966 Pennies

Post by henrysmedford » Wed Jan 20, 2021 8:58 pm

Bond632 wrote:
Wed Jan 20, 2021 2:50 pm
Thanks for the link Henry. By my understanding after reading it, I think it states that coins could be melted with a special permit and coins that are bent or defaced are not legal tender. Or did I read that wrong?
You are correct. I should state that I’m from the United States and not a Canadian but I like spending time going down the rabbit trails. The Canadian government runs a program called the alloy recovery program they run all coins through sorters to pull out the nickel copper and silver and then they sell them on the open market. So the only people who get the permit to melt them down is the people they sell the coins to. It’s my understanding that on Canadian numismatic coins the crown still owns the coin you only own the value attributed tribute to the coin. Here’s a link to more than you ever wanted to know about Canadian coins. https://www.mint.ca/store/dyn/PDFs/CP- ... 2019-E.pdf

Bond632
Posts: 114
Joined: Fri Oct 18, 2019 7:59 am

Re: Pre-1966 Pennies

Post by Bond632 » Thu Jan 21, 2021 1:01 am

I guess we’ve gone sideways with this thread, so to answer your question Noncents, I would offer one cent for each penny to start and go up from there until you are both comfortable with the price.

Post Reply