2012 ROYAL CANADIAN MINT
MAGNETIC COPPER PLATED STEEL CENT
NGC MS67 !!

LAST YEAR OF ISSUE

The auction includes a 2012 Royal Canadian Mint MAGNETIC or COPPER PLATED STEEL version of the cent in MS 67 as graded by NGC. This is a high-grade piece considering it was meant for circulation. There had been repeated debate about getting rid of the penny because of the cost of producing it and a perceived lack of usefulness. On December 14, 2010, the Senate finance committee recommended the penny be removed from circulation, arguing that a century of inflation had eroded the value and usefulness of the one-cent piece. People began hoarding these coins or simply avoided using them. In late 2010, finance committee members of the Canadian Senate estimated that the average Canadian had as many as 600 pennies hoarded away, taken out of circulation. On March 29, 2012, the federal government announced in its budget that it would withdraw the penny from circulation in the fall of 2012. Existing pennies will remain legal tender indefinitely; however, pennies were withdrawn from circulation as of February 4, 2013.

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