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Friday, April 22, 2016

Quirky Canadian penny expected to fetch $7Gs

TORONTO - 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 
are free.
The penny is expected to go for 
at least $7,000.
Expo director Jared Stapleton 
says part of what makes this 
penny so valuable is its good 
condition, or high “grade” 
quality.
“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 
taxpayers $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.
TORONTO SUN
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