Surprise, Surprise. The top post for Canadian Observer during its first year of operation is one of the earliest and least political of posts. Indeed this little post generates over 100 hits a day and although never achieving the one day record of some of our other posts it just keeps bringing them in. As such, overtime, it has become the single most popular post to date. We guess all those pennies really do add up.
For those of you who have not read it, we reproduce it below. Keep in mind the price of copper has changed as such so has the value of your penny jar.
Mon 29 May 2006
We were at the bar the other night having a drink. We made the passing observation that a Canadian penny (pre 1997) is worth over twice its value as copper. The other patrons were skeptical. So never wanting to loose when we are right here is the math.
1 tonne of copper = 1, 000, 000 grams
Spot price of a tonne of Copper=8,301US$= 9174.66CDN (as of May 29th,2006)
A)1 cdn Penny pre 1996= 2.5 grams of copper
x 400,000 pennies = 1 tonne of copper
B) 1 cdn Penny pre 1980= 2.8 grams of copper
x 357,143 pennies = 1 tonne of copper
C) 1 cdn Penny pre 1979= 3.2 grams of copper
x 312,500 pennies = 1 tonne of copper
So as you can see
In case A, a single penny is worth 2.29cents as copper.
In case B. a single penny is worth 2.57cents as copper
In case C a singel penny is worth 2.94cents as copper
So if you were to spend 4000$ buying pennies at the bank and smelted them down you would have a tonne of copper worth 9174$Cdn which is a 229% rate of return. Try getting that out of a savings account.
It should be pointed out that it is a Federal offence to smelt national coinage. This is for educational purposes only.