Junior

People might have to if ever we were thrust into a modern dark age 😂 

A Precious Lesson – A Tale of Canadian Coins
By: Jordan Graveline
 
In July of 1840, the Act of Union was passed which would abolish the legislatures of Lower Canada (Quebec) and Upper Canada (Ontario). The Act of Union was officially proclaimed on February 10th, 1841 and with this new proclamation, a new political area known as the Province of Canada was formed. It would be another 27 years after the Act of Union passed that the new Dominion of Canada would form and thus the birth of the Canadian nation would begin its expanding journey.
In the later years of the Province of Canada’s existence, but before its formation as a country in 1867, it was decided that new coinage would be required for the expanding area. This new coinage would be minted for the Province of Canada by the Royal Mint in England. The first of the new coins would be minted in 1858 and consist of 1 cent, 5 cent, 10 cent, and 20 cent pieces. The following year would see only the 1 cent pieces minted for the Province of Canada. No more new coins would be minted until after the formation of the Dominion of Canada.
The Royal mint resumed minting coins for the newly formed country in 1870. It was decided to make several changes from the previous coins originally minted in 1858. These changes included dropping the 20 cent piece in favour of a 25 cent piece to more closely match the coins of Canada’s nearest trading partner; the United States of America. In addition, a new 50 cent piece was also minted. The Royal Mint would continue minting coins for Canada up to 1907. Canada would have its own minting facility, known as the Ottawa Mint, up and operational by January 2nd of 1908. With this new minting facility, Canada would no longer rely on England to produce any future coinage for the country.
During the time of 1870-1907 when the Royal Mint was responsible for Canada’s coinage and from 1908-1919 when Canada resumed responsibility on its own, the composition of Canadian coins was consistent. The 1 cent piece contained 95.5% copper, 3% tin, and 1.5% zinc while the 5 cent, 10 cent, 25 cent, and 50 cent pieces all contained 92.5% silver and 7.5% copper. However by 1920, Canada’s 1 cent piece was reduced in size by approximately 43% and the rest of the denominations would have their compositions changed from 92.5% silver and 7.5% copper to 80% silver and 20% copper in that same year. Furthermore in 1922, Canada’s 5 cent piece would cease containing silver and would have an entirely new composition consisting of 99% pure nickel (hence were the coin gets its modern day name). In 1935, a 1 dollar coin would be introduced and contain the same composition of 80% silver and 20% copper as the pieces from 1920. These changes would not be the last to Canada’s coins as more developments would continue in the coming decades.
Beginning in 1968, the 10 cent (dime), the 25 cent (quarter), the 50 cent (half dollar), and the 1 dollar coins would all make the transition to 99% (or greater) nickel composition. Present day, none of the modern coins intended for circulation in commerce contains any silver. Even the lesser valued, more abundant nickel metal, has since been replaced by an even cheaper, more abundant metal; steel. Today, most coins have had their composition changed to 92% steel or greater with a mix of small amounts of copper and/or nickel to create specific finishes on Canada’s various coins. The exception to this being the 1 cent coin, often referred to as the penny, which was discontinued after 2012; but not before also undergoing a change in composition from 98% copper (1996) to 98.4% zinc or 94% steel beginning in 2000. In every situation where the coinage underwent a change in composition, it was always away from a more valued metal and towards a cheaper, more abundant metal.
When the silver content was first changed in 1920, rising costs that resulted from WWI were to blame. Silver had gone from a low of $0.51 per ounce in January of 1915 to a high of $1.13 per ounce in January of 1919 which held steady throughout that year. Not long after the reduction of silver in the Canadian coins took place, the cost of silver fell and stabilized down to $0.63 per ounce in January of 1921. However, a return to the higher standard of purity never took place and the silver composition in Canadian coins remained at 80%. The next biggest change would be the total removal of all silver content which was accomplished in 1968.
Leading up to the total removal of silver from the coinage, silver’s price once again began to rise. In January of 1962, silver had climbed over the one dollar mark to reach a 42 year high of $1.09 per ounce. The following January, it was higher still at $1.29 per ounce. From January of 1963 until April of 1967, silver fluctuated a bit; ranging from a low of $1.29 to a high of $1.31 per ounce. During that time, the United States of America had passed the Coinage Act of 1965 which effectively removed all silver from circulating coins and authorized the production of clad coins. Canada followed suit in 1968 and was one of the last countries to have any silver content in circulating coins. The rising cost of silver seems to be the reason for its abolishment from Canadian coinage and all one needs to do is look at the final year in which Canadian coins contained silver to understand this concept.
The Canadian dollar in 1967 had a silver composition of 80% and a coin weight of 23.3 grams. This meant that a silver dollar from 1967 contained approximately 0.6 ounces of silver. At the beginning of 1967 when silver was valued at $1.29 per ounce, a Canadian dollar would have had a melt value of $0.774 due to the silver content of the coin. This is of course, less than the one dollar face value of the coin. However, by December of 1967, silver rose to $2.25 per ounce which would make the silver content in the coin now valued at $1.35. This is a 174.4% gain in silver melt value in one year. The silver value now being greater than the face value of the dollar coin posed a problem; the coins of all denominations containing silver would be very tempting to melt down and profit from the sale of their silver content. This is undoubtedly one of the prime reasons why silver was fully removed from coinage; it was considered too valuable to use as money. To understand whether or not the removal of silver was beneficial to the Canadian citizens, a comparison should be made involving the average salary of 1967 and the average salary from 2022.
According to the Dominion Bureau of Statistics, in 1967, the average Canadian salary for a person in manufacturing was $7,419. Assuming for a moment that this person had an affinity to silver coinage over the paper dollar counterpart, the silver contained within those 7,419 silver dollars would be equal to 4,451.4 ounces of silver. At the end of December 1967, with silver being valued at $2.25 per ounce, 4,451.4 ounces of silver would have a melt value of $10,015.65. Fast forward to modern day Canadian circulation coins, they do not contain any silver. Therefore, the melt value of modern day circulation coins cannot be used for direct comparison. Rather, the average salary in manufacturing in 2022 could be compared to the average salary in manufacturing in 1967 through the number of silver ounces that can be bought with that salary. According to Statistics Canada, in 2022, the average Canadian salary in manufacturing was $60,531. Since silver finished 2022 valued at $32.52 per ounce, this individual could only afford to buy 1,861.3 ounces of silver with their salary. To give a different perspective, if this individual in 2022 was paid the same salary from 1967 of $7,419 using only the same 1967 silver dollars containing 4,451.4 ounces of silver, then the silver content at $32.52 per ounce would have a melt value of $144,759.53. As seen through these comparisons, removing silver from Canadian coins did not benefit the Canadian citizens. The average person in a manufacturing job in 2022 is only making approximately 41.8% of the salary that the average person in 1967 made in a manufacturing job when viewing the value of the coinage through the lens of silver.
 
 The Devaluation of Canadian Coins throughout the Decades
 
1858 - 1859
1876 - 1920
1920 - 1941
1942 - 1977
1978 - 1996
1997 - 1999
2000 - 2012
2000 - 2012
2013 - present
 
1 Cent
(large) *last produced in 1920
95% copper, 4% tin, 1% zinc
95.5% copper, 3% tin, 1.5% zinc
 
 
 
 
 
 
 
 
1 Cent
(small) *first produced in 1920
 
 
95.5% copper, 3% tin, 1.5% zinc
98% copper, 0.5% tin, 1.5% zinc
98% copper, 1.75% tin, 0.25% zinc
98.4% zinc, 1.6% copper plating
94% steel, 1.5% nickel, 4.5% copper plating (magnetic)
98.4% zinc, 1.6% copper plating (Non-magnetic)
dis-continued
 
 
 
1858, 1870 - 1919
1920 - 1921
1922 - 1942
1942 - 1943
1944 - 1945
1946 - 1951
1951 - 1954
1955 - 1981
1982 - 1999
2000 - present
5 Cent
92.5% silver, 7.5% copper
80% silver, 20% copper
99% nickel
88% copper, 12% zinc (tombac)
chrome plated steel
99.9% nickel
chrome plated steel
99.9% nickel
75% copper, 25% nickel
94.5% steel, 3.5% copper, 2% nickel plating
 
 
1858, 1870 - 1919
1920 - 1967
1968 - 1999
2000 - present
 
 
 
 
 
 
10 Cent
92.5% silver, 7.5% copper
80% silver, 20% copper
99.9% nickel
92% steel, 5.5% copper, 2.5% nickel
 
 
 
 
 
 
 
 
1858
1870 - 1919
1920 - 1967
1968 - 1999
2000 - present
 
 
 
 
 
20 Cent
*replaced by the 25 cent piece
92.5% silver, 7.5% copper
 
 
 
 
 
 
 
 
 
25 Cent
 
92.5% silver, 7.5% copper
80% silver, 20% copper
99.9% nickel
94% steel, 3.8% copper, 2.2% nickel
 
 
 
 
 
 
 
1870 - 1919
1920 - 1967
1968 - 1999
2000 - present
 
 
 
 
 
 
50 Cent
92.5% silver, 7.5% copper
80% silver, 20% copper
99% nickel (minimum)
93.15% steel, 4.75% copper, 2.1% nickel plating
 
 
 
 
 
 
 
 
1935 - 1967
1968 - 1982
1982 - 1986
1987 - 2012
2012 - present
 
 
 
 
 
1 Dollar
80% silver, 20% copper
99.9% nickel
99% nickel (minimum)
91.5% nickel, 8.5% bronze plating
multi-ply brass plated steel
 
 
 
 
 
 
 
1996 - 2012
2012 - present
 
 
 
 
 
 
 
 
2 Dollar
outer ring: 99% nickel
 
 insert: 92% copper, 6% aluminum, 2% nickel
outer ring: multi-ply nickel plated steel
 
insert: multi-ply brass plated aluminum bronze
 
 
 
 
 
 
 
 

A Precious Lesson – A Tale of Canadian Coins
By: Jordan Graveline
 
In July of 1840, the Act of Union was passed which would abolish the legislatures of Lower Canada (Quebec) and Upper Canada (Ontario). The Act of Union was officially proclaimed on February 10th, 1841 and with this new proclamation, a new political area known as the Province of Canada was formed. It would be another 27 years after the Act of Union passed that the new Dominion of Canada would form and thus the birth of the Canadian nation would begin its expanding journey.
In the later years of the Province of Canada’s existence, but before its formation as a country in 1867, it was decided that new coinage would be required for the expanding area. This new coinage would be minted for the Province of Canada by the Royal Mint in England. The first of the new coins would be minted in 1858 and consist of 1 cent, 5 cent, 10 cent, and 20 cent pieces. The following year would see only the 1 cent pieces minted for the Province of Canada. No more new coins would be minted until after the formation of the Dominion of Canada.
The Royal mint resumed minting coins for the newly formed country in 1870. It was decided to make several changes from the previous coins originally minted in 1858. These changes included dropping the 20 cent piece in favour of a 25 cent piece to more closely match the coins of Canada’s nearest trading partner; the United States of America. In addition, a new 50 cent piece was also minted. The Royal Mint would continue minting coins for Canada up to 1907. Canada would have its own minting facility, known as the Ottawa Mint, up and operational by January 2nd of 1908. With this new minting facility, Canada would no longer rely on England to produce any future coinage for the country.
During the time of 1870-1907 when the Royal Mint was responsible for Canada’s coinage and from 1908-1919 when Canada resumed responsibility on its own, the composition of Canadian coins was consistent. The 1 cent piece contained 95.5% copper, 3% tin, and 1.5% zinc while the 5 cent, 10 cent, 25 cent, and 50 cent pieces all contained 92.5% silver and 7.5% copper. However by 1920, Canada’s 1 cent piece was reduced in size by approximately 43% and the rest of the denominations would have their compositions changed from 92.5% silver and 7.5% copper to 80% silver and 20% copper in that same year. Furthermore in 1922, Canada’s 5 cent piece would cease containing silver and would have an entirely new composition consisting of 99% pure nickel (hence were the coin gets its modern day name). In 1935, a 1 dollar coin would be introduced and contain the same composition of 80% silver and 20% copper as the pieces from 1920. These changes would not be the last to Canada’s coins as more developments would continue in the coming decades.
Beginning in 1968, the 10 cent (dime), the 25 cent (quarter), the 50 cent (half dollar), and the 1 dollar coins would all make the transition to 99% (or greater) nickel composition. Present day, none of the modern coins intended for circulation in commerce contains any silver. Even the lesser valued, more abundant nickel metal, has since been replaced by an even cheaper, more abundant metal; steel. Today, most coins have had their composition changed to 92% steel or greater with a mix of small amounts of copper and/or nickel to create specific finishes on Canada’s various coins. The exception to this being the 1 cent coin, often referred to as the penny, which was discontinued after 2012; but not before also undergoing a change in composition from 98% copper (1996) to 98.4% zinc or 94% steel beginning in 2000. In every situation where the coinage underwent a change in composition, it was always away from a more valued metal and towards a cheaper, more abundant metal.
When the silver content was first changed in 1920, rising costs that resulted from WWI were to blame. Silver had gone from a low of $0.51 per ounce in January of 1915 to a high of $1.13 per ounce in January of 1919 which held steady throughout that year. Not long after the reduction of silver in the Canadian coins took place, the cost of silver fell and stabilized down to $0.63 per ounce in January of 1921. However, a return to the higher standard of purity never took place and the silver composition in Canadian coins remained at 80%. The next biggest change would be the total removal of all silver content which was accomplished in 1968.
Leading up to the total removal of silver from the coinage, silver’s price once again began to rise. In January of 1962, silver had climbed over the one dollar mark to reach a 42 year high of $1.09 per ounce. The following January, it was higher still at $1.29 per ounce. From January of 1963 until April of 1967, silver fluctuated a bit; ranging from a low of $1.29 to a high of $1.31 per ounce. During that time, the United States of America had passed the Coinage Act of 1965 which effectively removed all silver from circulating coins and authorized the production of clad coins. Canada followed suit in 1968 and was one of the last countries to have any silver content in circulating coins. The rising cost of silver seems to be the reason for its abolishment from Canadian coinage and all one needs to do is look at the final year in which Canadian coins contained silver to understand this concept.
The Canadian dollar in 1967 had a silver composition of 80% and a coin weight of 23.3 grams. This meant that a silver dollar from 1967 contained approximately 0.6 ounces of silver. At the beginning of 1967 when silver was valued at $1.29 per ounce, a Canadian dollar would have had a melt value of $0.774 due to the silver content of the coin. This is of course, less than the one dollar face value of the coin. However, by December of 1967, silver rose to $2.25 per ounce which would make the silver content in the coin now valued at $1.35. This is a 174.4% gain in silver melt value in one year. The silver value now being greater than the face value of the dollar coin posed a problem; the coins of all denominations containing silver would be very tempting to melt down and profit from the sale of their silver content. This is undoubtedly one of the prime reasons why silver was fully removed from coinage; it was considered too valuable to use as money. To understand whether or not the removal of silver was beneficial to the Canadian citizens, a comparison should be made involving the average salary of 1967 and the average salary from 2022.
According to the Dominion Bureau of Statistics, in 1967, the average Canadian salary for a person in manufacturing was $7,419. Assuming for a moment that this person had an affinity to silver coinage over the paper dollar counterpart, the silver contained within those 7,419 silver dollars would be equal to 4,451.4 ounces of silver. At the end of December 1967, with silver being valued at $2.25 per ounce, 4,451.4 ounces of silver would have a melt value of $10,015.65. Fast forward to modern day Canadian circulation coins, they do not contain any silver. Therefore, the melt value of modern day circulation coins cannot be used for direct comparison. Rather, the average salary in manufacturing in 2022 could be compared to the average salary in manufacturing in 1967 through the number of silver ounces that can be bought with that salary. According to Statistics Canada, in 2022, the average Canadian salary in manufacturing was $60,531. Since silver finished 2022 valued at $32.52 per ounce, this individual could only afford to buy 1,861.3 ounces of silver with their salary. To give a different perspective, if this individual in 2022 was paid the same salary from 1967 of $7,419 using only the same 1967 silver dollars containing 4,451.4 ounces of silver, then the silver content at $32.52 per ounce would have a melt value of $144,759.53. As seen through these comparisons, removing silver from Canadian coins did not benefit the Canadian citizens. The average person in a manufacturing job in 2022 is only making approximately 41.8% of the salary that the average person in 1967 made in a manufacturing job when viewing the value of the coinage through the lens of silver.
 
 The Devaluation of Canadian Coins throughout the Decades
 
1858 - 1859
1876 - 1920
1920 - 1941
1942 - 1977
1978 - 1996
1997 - 1999
2000 - 2012
2000 - 2012
2013 - present
 
1 Cent
(large) *last produced in 1920
95% copper, 4% tin, 1% zinc
95.5% copper, 3% tin, 1.5% zinc
 
 
 
 
 
 
 
 
1 Cent
(small) *first produced in 1920
 
 
95.5% copper, 3% tin, 1.5% zinc
98% copper, 0.5% tin, 1.5% zinc
98% copper, 1.75% tin, 0.25% zinc
98.4% zinc, 1.6% copper plating
94% steel, 1.5% nickel, 4.5% copper plating (magnetic)
98.4% zinc, 1.6% copper plating (Non-magnetic)
dis-continued
 
 
 
1858, 1870 - 1919
1920 - 1921
1922 - 1942
1942 - 1943
1944 - 1945
1946 - 1951
1951 - 1954
1955 - 1981
1982 - 1999
2000 - present
5 Cent
92.5% silver, 7.5% copper
80% silver, 20% copper
99% nickel
88% copper, 12% zinc (tombac)
chrome plated steel
99.9% nickel
chrome plated steel
99.9% nickel
75% copper, 25% nickel
94.5% steel, 3.5% copper, 2% nickel plating
 
 
1858, 1870 - 1919
1920 - 1967
1968 - 1999
2000 - present
 
 
 
 
 
 
10 Cent
92.5% silver, 7.5% copper
80% silver, 20% copper
99.9% nickel
92% steel, 5.5% copper, 2.5% nickel
 
 
 
 
 
 
 
 
1858
1870 - 1919
1920 - 1967
1968 - 1999
2000 - present
 
 
 
 
 
20 Cent
*replaced by the 25 cent piece
92.5% silver, 7.5% copper
 
 
 
 
 
 
 
 
 
25 Cent
 
92.5% silver, 7.5% copper
80% silver, 20% copper
99.9% nickel
94% steel, 3.8% copper, 2.2% nickel
 
 
 
 
 
 
 
1870 - 1919
1920 - 1967
1968 - 1999
2000 - present
 
 
 
 
 
 
50 Cent
92.5% silver, 7.5% copper
80% silver, 20% copper
99% nickel (minimum)
93.15% steel, 4.75% copper, 2.1% nickel plating
 
 
 
 
 
 
 
 
1935 - 1967
1968 - 1982
1982 - 1986
1987 - 2012
2012 - present
 
 
 
 
 
1 Dollar
80% silver, 20% copper
99.9% nickel
99% nickel (minimum)
91.5% nickel, 8.5% bronze plating
multi-ply brass plated steel
 
 
 
 
 
 
 
1996 - 2012
2012 - present
 
 
 
 
 
 
 
 
2 Dollar
outer ring: 99% nickel
 
 insert: 92% copper, 6% aluminum, 2% nickel
outer ring: multi-ply nickel plated steel
 
insert: multi-ply brass plated aluminum bronze
 
 
 
 
 
 
 
 

A Precious Lesson – A Tale of Canadian Coins
By: Jordan Graveline
 
In July of 1840, the Act of Union was passed which would abolish the legislatures of Lower Canada (Quebec) and Upper Canada (Ontario). The Act of Union was officially proclaimed on February 10th, 1841 and with this new proclamation, a new political area known as the Province of Canada was formed. It would be another 27 years after the Act of Union passed that the new Dominion of Canada would form and thus the birth of the Canadian nation would begin its expanding journey.
In the later years of the Province of Canada’s existence, but before its formation as a country in 1867, it was decided that new coinage would be required for the expanding area. This new coinage would be minted for the Province of Canada by the Royal Mint in England. The first of the new coins would be minted in 1858 and consist of 1 cent, 5 cent, 10 cent, and 20 cent pieces. The following year would see only the 1 cent pieces minted for the Province of Canada. No more new coins would be minted until after the formation of the Dominion of Canada.
The Royal mint resumed minting coins for the newly formed country in 1870. It was decided to make several changes from the previous coins originally minted in 1858. These changes included dropping the 20 cent piece in favour of a 25 cent piece to more closely match the coins of Canada’s nearest trading partner; the United States of America. In addition, a new 50 cent piece was also minted. The Royal Mint would continue minting coins for Canada up to 1907. Canada would have its own minting facility, known as the Ottawa Mint, up and operational by January 2nd of 1908. With this new minting facility, Canada would no longer rely on England to produce any future coinage for the country.
During the time of 1870-1907 when the Royal Mint was responsible for Canada’s coinage and from 1908-1919 when Canada resumed responsibility on its own, the composition of Canadian coins was consistent. The 1 cent piece contained 95.5% copper, 3% tin, and 1.5% zinc while the 5 cent, 10 cent, 25 cent, and 50 cent pieces all contained 92.5% silver and 7.5% copper. However by 1920, Canada’s 1 cent piece was reduced in size by approximately 43% and the rest of the denominations would have their compositions changed from 92.5% silver and 7.5% copper to 80% silver and 20% copper in that same year. Furthermore in 1922, Canada’s 5 cent piece would cease containing silver and would have an entirely new composition consisting of 99% pure nickel (hence were the coin gets its modern day name). In 1935, a 1 dollar coin would be introduced and contain the same composition of 80% silver and 20% copper as the pieces from 1920. These changes would not be the last to Canada’s coins as more developments would continue in the coming decades.
Beginning in 1968, the 10 cent (dime), the 25 cent (quarter), the 50 cent (half dollar), and the 1 dollar coins would all make the transition to 99% (or greater) nickel composition. Present day, none of the modern coins intended for circulation in commerce contains any silver. Even the lesser valued, more abundant nickel metal, has since been replaced by an even cheaper, more abundant metal; steel. Today, most coins have had their composition changed to 92% steel or greater with a mix of small amounts of copper and/or nickel to create specific finishes on Canada’s various coins. The exception to this being the 1 cent coin, often referred to as the penny, which was discontinued after 2012; but not before also undergoing a change in composition from 98% copper (1996) to 98.4% zinc or 94% steel beginning in 2000. In every situation where the coinage underwent a change in composition, it was always away from a more valued metal and towards a cheaper, more abundant metal.
When the silver content was first changed in 1920, rising costs that resulted from WWI were to blame. Silver had gone from a low of $0.51 per ounce in January of 1915 to a high of $1.13 per ounce in January of 1919 which held steady throughout that year. Not long after the reduction of silver in the Canadian coins took place, the cost of silver fell and stabilized down to $0.63 per ounce in January of 1921. However, a return to the higher standard of purity never took place and the silver composition in Canadian coins remained at 80%. The next biggest change would be the total removal of all silver content which was accomplished in 1968.
Leading up to the total removal of silver from the coinage, silver’s price once again began to rise. In January of 1962, silver had climbed over the one dollar mark to reach a 42 year high of $1.09 per ounce. The following January, it was higher still at $1.29 per ounce. From January of 1963 until April of 1967, silver fluctuated a bit; ranging from a low of $1.29 to a high of $1.31 per ounce. During that time, the United States of America had passed the Coinage Act of 1965 which effectively removed all silver from circulating coins and authorized the production of clad coins. Canada followed suit in 1968 and was one of the last countries to have any silver content in circulating coins. The rising cost of silver seems to be the reason for its abolishment from Canadian coinage and all one needs to do is look at the final year in which Canadian coins contained silver to understand this concept.
The Canadian dollar in 1967 had a silver composition of 80% and a coin weight of 23.3 grams. This meant that a silver dollar from 1967 contained approximately 0.6 ounces of silver. At the beginning of 1967 when silver was valued at $1.29 per ounce, a Canadian dollar would have had a melt value of $0.774 due to the silver content of the coin. This is of course, less than the one dollar face value of the coin. However, by December of 1967, silver rose to $2.25 per ounce which would make the silver content in the coin now valued at $1.35. This is a 174.4% gain in silver melt value in one year. The silver value now being greater than the face value of the dollar coin posed a problem; the coins of all denominations containing silver would be very tempting to melt down and profit from the sale of their silver content. This is undoubtedly one of the prime reasons why silver was fully removed from coinage; it was considered too valuable to use as money. To understand whether or not the removal of silver was beneficial to the Canadian citizens, a comparison should be made involving the average salary of 1967 and the average salary from 2022.
According to the Dominion Bureau of Statistics, in 1967, the average Canadian salary for a person in manufacturing was $7,419. Assuming for a moment that this person had an affinity to silver coinage over the paper dollar counterpart, the silver contained within those 7,419 silver dollars would be equal to 4,451.4 ounces of silver. At the end of December 1967, with silver being valued at $2.25 per ounce, 4,451.4 ounces of silver would have a melt value of $10,015.65. Fast forward to modern day Canadian circulation coins, they do not contain any silver. Therefore, the melt value of modern day circulation coins cannot be used for direct comparison. Rather, the average salary in manufacturing in 2022 could be compared to the average salary in manufacturing in 1967 through the number of silver ounces that can be bought with that salary. According to Statistics Canada, in 2022, the average Canadian salary in manufacturing was $60,531. Since silver finished 2022 valued at $32.52 per ounce, this individual could only afford to buy 1,861.3 ounces of silver with their salary. To give a different perspective, if this individual in 2022 was paid the same salary from 1967 of $7,419 using only the same 1967 silver dollars containing 4,451.4 ounces of silver, then the silver content at $32.52 per ounce would have a melt value of $144,759.53. As seen through these comparisons, removing silver from Canadian coins did not benefit the Canadian citizens. The average person in a manufacturing job in 2022 is only making approximately 41.8% of the salary that the average person in 1967 made in a manufacturing job when viewing the value of the coinage through the lens of silver.
 
 The Devaluation of Canadian Coins throughout the Decades
 
1858 - 1859
1876 - 1920
1920 - 1941
1942 - 1977
1978 - 1996
1997 - 1999
2000 - 2012
2000 - 2012
2013 - present
 
1 Cent
(large) *last produced in 1920
95% copper, 4% tin, 1% zinc
95.5% copper, 3% tin, 1.5% zinc
 
 
 
 
 
 
 
 
1 Cent
(small) *first produced in 1920
 
 
95.5% copper, 3% tin, 1.5% zinc
98% copper, 0.5% tin, 1.5% zinc
98% copper, 1.75% tin, 0.25% zinc
98.4% zinc, 1.6% copper plating
94% steel, 1.5% nickel, 4.5% copper plating (magnetic)
98.4% zinc, 1.6% copper plating (Non-magnetic)
dis-continued
 
 
 
1858, 1870 - 1919
1920 - 1921
1922 - 1942
1942 - 1943
1944 - 1945
1946 - 1951
1951 - 1954
1955 - 1981
1982 - 1999
2000 - present
5 Cent
92.5% silver, 7.5% copper
80% silver, 20% copper
99% nickel
88% copper, 12% zinc (tombac)
chrome plated steel
99.9% nickel
chrome plated steel
99.9% nickel
75% copper, 25% nickel
94.5% steel, 3.5% copper, 2% nickel plating
 
 
1858, 1870 - 1919
1920 - 1967
1968 - 1999
2000 - present
 
 
 
 
 
 
10 Cent
92.5% silver, 7.5% copper
80% silver, 20% copper
99.9% nickel
92% steel, 5.5% copper, 2.5% nickel
 
 
 
 
 
 
 
 
1858
1870 - 1919
1920 - 1967
1968 - 1999
2000 - present
 
 
 
 
 
20 Cent
*replaced by the 25 cent piece
92.5% silver, 7.5% copper
 
 
 
 
 
 
 
 
 
25 Cent
 
92.5% silver, 7.5% copper
80% silver, 20% copper
99.9% nickel
94% steel, 3.8% copper, 2.2% nickel
 
 
 
 
 
 
 
1870 - 1919
1920 - 1967
1968 - 1999
2000 - present
 
 
 
 
 
 
50 Cent
92.5% silver, 7.5% copper
80% silver, 20% copper
99% nickel (minimum)
93.15% steel, 4.75% copper, 2.1% nickel plating
 
 
 
 
 
 
 
 
1935 - 1967
1968 - 1982
1982 - 1986
1987 - 2012
2012 - present
 
 
 
 
 
1 Dollar
80% silver, 20% copper
99.9% nickel
99% nickel (minimum)
91.5% nickel, 8.5% bronze plating
multi-ply brass plated steel
 
 
 
 
 
 
 
1996 - 2012
2012 - present
 
 
 
 
 
 
 
 
2 Dollar
outer ring: 99% nickel
 
 insert: 92% copper, 6% aluminum, 2% nickel
outer ring: multi-ply nickel plated steel
 
insert: multi-ply brass plated aluminum bronze
 
 
 
 
 
 
 
 

Video-628664568618646_33.mp4  
 

It's been a long time since this grown man has cried. But this is just so beautiful...had to shed a tear.

Wasn’t Spam & Corned beef the cheap option when it came to meat? Seem to remember they were when I was a kid…
…and if you’re going to stack Beans, you may as well go for the best available 😅

 

My tins of spam and corn beef are performing well  since 6th July 2022.  

You tell them Junior !! 😂 
But it's too late for me now as I've started stacking other inflation busting gem ! 
 

 

So to sum up all the answers that have been given so far...
Shut up about the price of silver compared to inflation and back the truck up!
Did I sum that all up ok? LOL

Hi all, 
Not really a silver meme but relating to taxes, I thought I'll share as just seen it and made me wonder and cry inside. 
"The Tax Poem
Tax his land, Tax his bed, Tax the table at which he's fed. 
Tax his tractor, Tax his mule, Teach him taxes are the rule.
Tax his work, Tax his pay, He works for peanuts anyway!
Tax his cow, Tax his goat, Tax his pants, Tax his coat. Tax his ties, Tax his shirt, Tax his work, Tax his dirt.
Tax his tobacco, Tax his drink, Tax him if he tries to think.
Tax his cigars, Tax his beers, If he cries tax his tears.
Tax his car, Tax his gas, Find other ways to tax his ass.
Tax all he has, Then let him know, That you won't be done till he has no dough.
When he screams and hollers, Then tax him some more, Tax him till he's good and sore.
Then tax his coffin, Tax his grave, Tax the sod in which he's laid.
Put these words Upon his tomb, 'Taxes drove me to my doom...'
When he's gone, Do not relax, Its time to apply the inheritance tax".
😭
 

The closet thing I have to a chess set this unique is one hand carved out of glacial green marble (mostly white) and onyx that I received when I was 15 years old. Something like the set above would make me the center of jealousy among all my chess playing relatives.

It's been a long time since this grown man has cried. But this is just so beautiful...had to shed a tear.

I’m looking forward to watching the sequel to this soon.

Spotted in gold monitoring thread here 

Is just me or that is a wheelchair? 🤣

We still talking about cigarettes?  😂

FIRST TIME SEEING THIS>>> CAPS NECESSARY>>> SO FUNNNNNNNNY!!!!!!!!!!!!!!