Brandon Lee
While the Canadian government phased out pennies due to their rising production costs, pennies are still considered legal tender and can be spent. Many banks will accept rolled pennies, including Scotiabank, RBC, CIBC, TD, and BMO. However, it is recommended to call ahead to specific branches to confirm, as some locations may not accept them. Banks will typically provide coin rollers or bags to customers to facilitate the deposit process.
| Characteristics | Values |
|---|---|
| Do banks sell rolls of Canadian pennies? | Some banks may sell rolls of Canadian pennies, but this is not guaranteed. |
| Which banks accept rolled pennies? | Scotiabank, RBC, CIBC, TD, and BMO. |
| Are pennies still legal tender? | Yes, pennies are still legal tender under the Currency Act, but for no more than 25 cents in pennies. |
| Do banks accept rolled pennies? | Yes, most banks accept rolled pennies, but some may require them to be rolled in denomination-marked rollers. |
| What is the process for depositing rolled pennies? | Contact the bank branch to confirm they accept rolled pennies. Obtain coin rollers from the bank or purchase them from a store. Roll the pennies and bring them to the bank for deposit. |
| Are copper pennies worth more than their face value? | Copper pennies may be worth more than their face value, but selling them for scrap metal is illegal in Canada. |
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What You'll Learn
Banks that sell penny rolls
Banks remain the most reliable source for fresh coin rolls at face value. However, it is important to note that most banks do not like to sell rolled coins to their retail customers. This is partly due to how the Federal Reserve System distributes coinage to banks, as they are charged a fee to place special orders for coins unless they are "Commemorative Issues".
Collectors seeking vintage or unsearched rolls need to look beyond banks to places like coin dealers, estate sales, and specialty dealers. Coin roll hunters often order entire boxes containing multiple rolls directly from banks, which requires advance notice and a good relationship with bank staff.
In Canada, pennies are still current and legal tender under the Currency Act, but for no more than 25 cents in pennies. The Government of Canada phased out the penny due to its rising cost of production relative to face value, the accumulation of pennies in households, environmental considerations, and handling costs for retailers and the economy.
The Royal Canadian Mint's mandate is to produce and distribute circulation coins, while the Bank of Canada is responsible for the production of banknotes. The Mint has a process to reimburse financial institutions the face value of redeemed NCLT coins once they have been returned to the Mint.
While it may be challenging to obtain rolled coins from banks, it is not impossible. Some sources suggest going to a smaller, full-service bank that doesn't usually deal with many merchant accounts, as they are more likely to order and get "new" coins. Having an account at the bank will likely be mandatory. For small quantities of common denominations, visiting a bank teller and requesting the desired rolls is typically sufficient, and payment can be made in cash or directly from an account.
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Banks that accept rolled pennies
Banks generally accept rolled pennies from customers, but some may charge a fee for the service. For example, Wells Fargo exchanges rolled coins for customers without a fee and also offers free coin wrappers. Certain credit unions and community banks still have coin-counting machines. Some large banks, such as Bank of America, Chase, and Capital One, do not have coin-counting machines for their customers anymore, but they can still provide coin wrappers.
In Canada, pennies are still legal tender under the Currency Act, but their use is limited to no more than 25 cents in pennies. While some Canadian banks may accept rolled pennies, others may not, and it may depend on the specific branch. For example, some CIBC branches have stated that they cannot take pennies, while others say they can. RBC customers have reported being able to bring in rolled coins without any issues.
It is worth noting that copper pennies generally do not trade for their copper value, as selling pennies for scrap metal is illegal in Canada. However, some specific pennies may be collectible and have a higher value.
If you are looking to acquire rolls of pennies from a bank, it may be more challenging than expected. Banks are profit-driven institutions, and they may be reluctant to sell large volumes of rolled coins, especially during times of high demand and coin shortages. Additionally, most banks do not like to sell rolled coins to their retail customers, and acquiring rolls of coins directly from the United States Mint is nearly impossible.
If you are a coin collector or enthusiast, your best option may be to work with smaller, full-service banks that don't typically deal with many merchant accounts. These "enterprise banks" are more likely to order and acquire new coins and may be more accommodating to your requests.
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Legal tender status of pennies
According to the Currency Act, pennies are still legal tender in Canada, but for no more than 25 cents in pennies. However, the concept of "legal tender" is often misunderstood. Essentially, no private entity is obligated to accept legal tender for goods or services, or any particular denomination of coin or bill, even if they accept some. Legal tender is only special in respect of debts owing.
The Royal Canadian Mint stopped distributing pennies in 2012, and businesses were asked to return pennies to financial institutions to be melted down and recycled. Despite this, pennies will remain legal tender long after the end of their production. Businesses can decide if they want to keep using pennies, and some people still use them.
The Bank of Canada Act and the Currency Act give the government the power to remove legal tender status from banknotes, which is a way to complete their removal from circulation and ensure that Canadians have access to the most current and secure banknotes. As of January 1, 2021, the $1, $2, $25, $500, and $1,000 bills from every Bank of Canada series are no longer legal tender. However, these notes have not been produced in decades, so the decision has had little impact.
It is illegal to melt down, break up, or use coins that are legal tender in Canada as anything other than currency.
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Selling pennies privately
While banks will accept rolled pennies, they will only offer the face value of the coins. Selling pennies privately can get you up to three times the face value of the coins. However, selling pennies for scrap metal is illegal in Canada.
If you are looking to sell pennies privately, you can sell them to coin dealers, at auctions, or to specialist buyers. Coin dealers are a good option if you want to sell your pennies quickly and efficiently. Almost every coin dealer is accustomed to buying coins from their customers. You can bring in one piece or an entire collection, and your local dealer may be interested in buying them. However, dealers will not always offer the best price for your coins, as they will need to make a profit when selling them to other customers.
Selling at auction can sometimes result in a higher price than expected, especially if a bidding war breaks out between multiple interested buyers. However, you will need to factor in buyer's fees and be prepared to wait for your coins to be processed and auctioned, and for the auction house to send your payment. If your pennies are very high-value, consigning them to one of the larger auction houses may be the best option.
Specialist buyers, such as Stack's Bowers Galleries, also exist. Stack's Bowers Galleries is America's oldest rare coin auctioneer and dealership, offering tailored services for seasoned collectors, novice enthusiasts, and astute investors. They offer auctions, direct sales, direct purchase offers, and appraisals.
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Alternatives to selling pennies to banks
While banks do accept rolled pennies, there are several other alternatives to selling pennies in Canada. Here are some options:
Coinstar Machines
Coinstar machines are a convenient way to get rid of your pennies without having to roll them. These machines are located in select grocery stores across Canada, such as Loblaws, Metro, Food Basics, and The Real Canadian Superstore. Simply pour your coins into the slot, and the machine will count them and provide you with a voucher to spend in the store or deposit the amount into your PayPal account. However, it's important to note that Coinstar charges a fee of 11.9% for each transaction.
Online Marketplaces
Selling pennies online is another option. Popular online marketplaces like Kijiji, Craigslist, and Facebook Marketplace attract many people who are willing to pay a premium for pennies, especially since they are becoming rarer. This option may require more time and effort, but it can be lucrative if you're willing to wait for the right buyer.
Local Credit Unions
Some local credit unions may accept coins, so it's worth checking with your nearby credit union to see if they will take your pennies.
Donate to Charity
Donating pennies to charity is not only a generous gesture but can also provide financial benefits during tax season, depending on the amount donated. This is a great option if you have under $20 worth of pennies that you want to get rid of while supporting a good cause.
Coin Dealers
If you have collectible coins, you can consult a coin dealer who may offer a price above the face value. This is especially true for older coins with higher copper content, as selling pennies for scrap metal is illegal in Canada.
It's worth noting that pennies are still considered legal tender in Canada, and you can use them to pay your bills at the bank. However, the government is trying to phase them out due to the rising cost of production and the accumulation of pennies in households.
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Frequently asked questions
No, banks do not sell rolls of Canadian pennies. However, they do accept rolled pennies for deposit.
The Government of Canada phased out the penny due to its rising production costs, the accumulation of pennies in Canadian households, environmental considerations, and handling costs for retailers and financial institutions.
Yes, most banks require you to roll your pennies before bringing them in for exchange. Some banks will provide free coin rollers if you don't have any.
Scotiabank, RBC, CIBC, TD, and BMO all accept rolled pennies at their branches.
You can try calling ahead to other branches in your area to see if they accept rolled pennies. Alternatively, you can sell your pennies privately, as they may be worth more than their face value.
