Three Unique Differences in Canadian Coin Collecting
The hobby of coin collecting is basically the same no matter what country you reside in or what the nationality of the coins are that you are collecting. The basics of coin collecting include buying what interests you and what is affordable. Purchased coins can have a sentimental value based on the minted year that corresponds to the meaningful year in your life. Or, in the case of Canadian history, the coins may be a commemorative set surrounding an historic event, such as honoring the queen or the Silver Canadian Maple Leaf.
However, there are some specific considerations for those involved in Canadian coin collecting. Those specific items include resources available, the history of minting in Canada, and current minting practices.
Resources
Resources that can prove to be invaluable for Canadian coin collecting are standard reference catalogues. One such catalogue is entitled The Charlton Standard Catalogue of Canadian Coins. This catalog offers a fairly comprehensive list of currency minted in Canada and will aid in determining the value of your coin collection.
History of Minting in Canada
When involved in Canadian coin collecting, it is important to understand the history of minting currency in Canada. One important fact is that Canadian coins, ranging between a dime and a dollar, when minted before 1968 were comprised with a silver consistency that ranged between 50% and 92%. In effect, these coins, based on the silver mixture, are worth more than their face value. Additional factors that may increase their worth would be the condition of the coins themselves.
Additionally, it is important, when collecting Canadian coins, to know what metals have been used in creating Canadian coins. For instance, some older nickels were made of plated steel and then progressed to a non-iron coin made of a combination alloy consisting of copper and nickel.
Canadian coin collecting also consists of knowing if coins were minted in limited quantities. Interestingly, in 1991, only 459 thousand $.25 coins were minted. This is unusual in that generally the number minted is closer to 100 million. Similarly, in 1973 there were a small number of $.25 coins minted, as well as $.10 coins in 1969.
Minting Practices in Canada
Canadian coin collecting also requires knowledge of minting procedures. In Canada it is important to check both sides of the coin. Frequently, the RCM, Royal Canadian Mint, impresses the date on either the Queen side of the coin or additionally on the Queen side of the coin.
When collecting Canadian coins you will sometimes find the letter P on the coin. This letter stands for planchets. These coins, less than a dollar in value, were converted to plated steel planchets, which is defined as a metal disc to be stamped as a coin. These coins produced varied in weight from other circulated coins. This variance in weight resulted in a challenge for the vending machine industry. Subsequently, the vending machine industry requested a special designation which allowed for them to adjust their machines accordingly. Hence the letter P was selected.