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According to the Royal Canadian Mint, the official term for the coin is the one-cent piece, but in practice the terms penny and cent predominate. [citation needed] Penny was likely readily adopted because the previous coinage in Canada (up to 1858) was the British monetary system, where Canada used British pounds, shillings, and pence as coinage alongside U.S. decimal coins.
Coins are Like Songs: The Upper Canada Coppers 1815–1841. Spink. ISBN 9-781907-427718. Tim, Grawey (19 February 2019). "BMO 'Habitant' halfpenny spawns unique varieties". Canadian Coin News. 56 (23): 12. Heritage World and Ancient Coins: The Doug Robins Collection of Canadian Tokens. Chicago: Heritage Numismatic Auctions, Inc. 20 April 2018.
The most important coin in Newfoundland was the Spanish American dollar (the 8-real piece), therefore, the Newfoundland government set its dollar equal in value to this coin. The new decimal cent was equal to the British halfpenny and $4.80 was equal to one pound sterling .
And yet, the temptation remains. Whereas the U.S. replaced almost all copper content in the penny with zinc in 1982 (nickels today contain more copper than pennies), up in Canada they kept on ...
The production of the Canadian 1-cent piece (known as the "penny") was discontinued in 2012, as inflation had reduced its value significantly below the cost of production. Canadian coins have medallic orientation, like British or euro coins, and unlike U.S. coins, which have coin orientation.
This leads to the possibility of smelters taking coins and melting them down for the scrap value of the metal. Pre-1992 British pennies were made of 97% copper; but as of 2008, based on the price of copper, the value of a penny from this period is 1.5 new-pence. Modern British pennies are now made of copper-plated steel.
As a result, with only a few wartime exceptions, any penny from 1981 or earlier -- and some made in 1982 -- have a high copper content. At current copper prices, the melt value of older pennies is ...
This has augmented debate among Canadian numismatists because some view these pieces as Canadian while others view them as British and thus distinct from the decimal series of Canadian coinage. [1] Since the opening of the Ottawa Mint, the Dominion of Canada's government wanted to produce decimal gold coins. [1]