Posts by Ian Glen
The Penny Drops
Over 150 years since it was introduced, in a dramatic move, the Canada Government has announced plans to discontinue its one-cent coin – known colloquially as the penny – after revealing it has become too expensive to produce and ‘ worthless’ as a currency.
The last Canadian Penny ever struck
“No currency as a currency”
Inflation has eroded the penny’s purchasing power by around 95% over the years, and the price of the copper has risen more than 330% since 2000 so each cent costs around 1.6 cents to produce. Scrapping the penny will save an estimated $11million Canadian dollars (£6.9 million) a year according to the Canadian Government.
Canadian Finance Minister Jim Flaherty explains, “The time has come to make the sensible decision to end production of the coin which is underused by Canadians, no longer vital to commerce and ultimately a burden on Canada’s balance sheet.”
Phasing out the penny
It’s estimated there are upwards of 20 billion pennies in circulation which they will remain legal tender but become largely redundant over time. Companies and retailers have already been told to begin rounding up or down to the nearest nickel (five cents).
55% of Canadians agree
A recent poll suggested over half of Canadian are in favour of ditching the penny. It’s hoped that phasing out the penny will not have any detrimental effect on inflation. Similar systems implemented in Australia and New Zealand have caused no major problems.
Pennies themselves will continue to hold their cash value, so Canadians can always trade them in at banks, who can then return them for recycling into their original metals.
The changing face of the coin world
The loss of the coin is a blow to world coin collectors everywhere, but that loss is part of what makes the world coin collecting so interesting – designs change, new coins come into existence and some coins will inevitably disappear.
Never forget. The $20 Silver ‘Tribute to the Penny’ Coin – now available from The Westminster Collection
To mark the end of an era, the Royal Canadian Mint has produced a range of commemoratives, which include the
Silver $20 ‘Tribute to the Penny’ and a Set of five Canadian one cent coins also in pure silver.
Click here for details about five British sought-after pennies…
Pistrucci’s iconic Sovereign design back for 2013
After months of speculation, 2013 well and truly got off with a bang following today’s unveiling of one of the year’s most exciting and eagerly awaited new issues – the UK Gold Proof Sovereign.
Pistrucci’s nearly 200 year-old design graces the reverse of the 2013 Gold Proof Sovereign once more
Nearly 200 years young
And after the change of reverse design on last year’s Diamond Jubilee Sovereign (only the fourth ever in the coin’s long and illustrious history), Benedetto Pistrucci’s almost 200 year-old Sovereign design makes a welcome return in 2013.
The one and only Sovereign design
For many collectors, Pistrucci’s classical depiction of Saint George slaying the dragon remains the definitive Sovereign design; it has in fact appeared on the coinage of every British monarch since George III. Fittingly, it is also 60 years since the pair first appeared on the first Sovereigns of the Queen Elizabeth II’s reign in 1953.
Another record Sovereign sell-out expected
Struck in 22 Carat Gold to the highest proof finish by the master craftsmen of The Royal Mint, the Sovereign has long been considered Britain’s most famous and sought-after coin.
Last year’s Gold Proof Sovereign sold out in record time and it’s widely anticipated that the 2013 coin will follow suit. There are however just 7,500 available worldwide so orders should be placed immediately.
Click here for a full range of sovereign coins currently available from The Westminster Collection
Read up on the History of the Sovereign
World exclusive Poppy-shaped coins to raise money for The Royal British Legion
At this time of year, millions of us wear our Poppies with pride as a mark of respect to the bravery of the Armed Forces and in remembrance of those who have paid the ultimate price in the defence of their country.
The Poppy appeal is the highest-profile campaign organised each year by leading UK charity The Royal British Legion to raise funds and to highlight the care and support they provide to serving military personnel and their families.
The Westminster Collection is delighted to support the charity’s work again this year. Since 2004, sales of its commemorative coins have helped to raise over £185,000 in donations – a figure set to rise further this year.
The first ever 22 Carat Gold RBL Coin to feature a poppy textured finish
New for 2012
Issued by Jersey in a number of specifications, 2012’s stunning range includes two world exclusives – the first ever RBL Gold coin to feature a poppy textured finish plus the largest ever Poppy-shaped coin struck in ten full ounces of Sterling Silver
The world’s largest ever Poppy-shaped Coin
Jersey: pioneer of the Poppy-shaped coin
The unique Poppy-shaped coin has proved popular since it was introduced in 2008; only the designs have varied slightly. In 2008, ‘1918’ was included to mark ninety years since the end of World War I.
Similarly, the reverse of the 2011 coin featured a central ‘90’ in gold ink in recognition of The Legion’s 90th anniversary.
The £5 Silver coin from the first ever Poppy-shaped range launched in 2008
Struck to mark The Legion’s 90th anniversary
Lest we forget
The Poppy-shaped coin continues to be acollector’s favourite due to its unique shape and the money it raises for The Royal British Legion, who in its commitment to conflicts past and present, remains as relevant today as it was 90 years ago.
See The Westminster Collection’s full range of Commemorative Poppy Coins