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The Canadian coin value depends on the face value of the coin minted by the Royal Canadian Mint. The lowest denomination of Canadian coin is the penny which has a face value of 1 cent. It is minted as a copper coin and the weight of the coin is roughly 2.35 grams. The diameter of the coin is about 19mm.
The Canadian coin value for copper pennies became higher than the face value of the coin itself due to the high spot copper price in commodities markets around the world. Hence, since the year 2000, the copper penny consists of 94% steel and only 4.5% copper which is plated on zinc. This poor copper content compares unfavorably with the coin’s content in 1996 when a penny coin weighed 2.5 grams and contained 98% copper.
The abolition of the Canadian penny is on the cards as many quarters of the Canadian population do not use this coin during their cash transactions. A system of rounding the cash figures has been suggested as a replacement for the use of these copper coins with little value. However, the Canadian coin value of the penny has not deterred the Royal Canadian Mint from continuing to mint penny coins.
Canadian Dollar Coin
The Canadian coin value was the catalyst for the Canadian Government to replace the Canadian dollar bill with the Canadian dollar coin in 1987. The Canadian dollar bill was removed from public circulation to promote the use of the dollar coin among the Canadian population. Unlike the penny coin, the dollar coin is made mainly from nickel, which is a much cheaper metal compared to copper. The Canadian dollar coin has a picture of a loon bird on the reverse side of the coin. This design made the populace nickname the dollar coin as a ‘loonie’.
Coins issued during the reign of the Canadian monarchs, who are members of the British monarchy, each have images of the respective reigning monarchs. Due to the limited editions of the coins, these have become collectors’ items.
The Canadian coin value of the penny was at one time worth more than the face value of the coin due to the high copper content. Nowadays, pennies are made from steel with only a thin copper plating.