Canada plans on melting down their nickel containing coins
MrSpud
Posts: 4,499 ✭✭✭
Canada is planning on pulling their nickel containing coins out of circulation. I just read about it on the US coin forum. Here is a link to a news item about it Link . Do you think this will have an effect on the value of the surviving nickel containing coins a few years down the road?
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<< <i>Do you think this will have an effect on the value of the surviving nickel containing coins a few years down the road? >>
I very seriously doubt it.
and it's a wonder the coins survived that time. Now it's back up over $7 and they
probably figure they can profitably replace the coins in circulation.
In first world countries people aren't so quick to turn in their coins for the face
value, but often these coins are simply ignored. When the government withdraws
them for recoining the process is nearly invisable. People simply go about their
daily business and soon virtually all the coins will be the late date versions and
only the ones set aside by collectors survive. This has happened numerous times
to create modern day rarities. In this case some coins have been set aside so there
will be no rarities. Some of these could be much too scarce to support a mass mar-
ket though. Even today, how many 1970 dimes do you think are in circulation? The
attrition in Canada is likely even higher than ours and this was a low mintage coin.
Now if the survivors are pulled out and melted it will mean very few will remain.
We'll just have to see if any of these get saved out or if it will spur any casual col-
lectors to hurry up and finish their sets.
British coins were replaced by entirely different coins and some were even demonetized
in decimalization.