2012 Canada Silver Farewell To The Penny $20 NGC Specimen 70
This coin is a 2012 Royal Canadian Mint Silver $20 Farewell to the Penny Coin that has been graded SP70 by NGC. There had been repeated debate about getting rid of the penny because of the cost of producing it and a perceived lack of usefulness. On December 14, 2010, the Senate finance committee recommended the penny be removed from circulation, arguing that a century of inflation had eroded the value and usefulness of the one-cent piece. People began hoarding these coins or simply avoided using them. In late 2010, finance committee members of the Canadian Senate estimated that the average Canadian had as many as 600 pennies hoarded away, taken out of circulation. On March 29, 2012, the federal government announced in its budget that it would withdraw the penny from circulation in the fall of 2012. Existing pennies will remain legal tender indefinitely; however, pennies will be withdrawn from circulation as of February 4, 2013.
How long will it be until the United States follows the Canadian decision?
COIN SPECIFICATIONS: 1/4 OUNCE
COMPOSITION: PURE SILVER .999 FINE
Face Value: $20