Friday, April 22, 2016
Quirky Canadian penny expected to fetch $7Gs
A rare and quirky Canadian penny is expected to
fetch thousands at a prominent coin exposition in Toronto.
The copper-plated penny, one of only several in 2002 that were
made of a zinc core but accidentally stamped as having a centre of
steel and nickel, will be auctioned off at The Toronto Coin Expo,
which is being held Friday and Saturday at the Toronto Reference
Library. Admission to the expo is $6 for adults, kids 16 and under
The penny is expected to go for
at least $7,000.
Expo director Jared Stapleton
says part of what makes this
so valuable is its good
condition, or high “grade”
“Collectors always want to collect something that is unique,”
Stapleton said Thursday. “A coin is graded based on wear on the
coin. The longer it’s been in circulation, the more wear it will have
on it, and the grade of the coin will diminish — it will get less and
less because you’ll have scratches, you’ll have wear marks on the
coin. This (penny) here is as if it was picked off the mint press.”
Canada stopped making pennies in February 2012 to save
$11 million per year. Other coins will also be auctioned
off, including a rare one-cent brass coin from 1859, which is
expected to go for over $18,000.
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