Canadian $20 Farewell to the Penny Silver Coin for $20 Released

by Rhonda Kay on August 24, 2012 · 19 comments

Another $20 coin for $20 offer from the Royal Canadian Mint has been released, but it may not last long as all previous issues in the series sold out.

Canadian $20 Farewell to the Penny Silver Coin

RCM image of the $20 Farewell to the Penny Silver Coin

The commemorative $20 Farewell to the Penny Silver Coin is the fifth issue in the extremely popular series that features coins sold at face value. This latest one is paying tribute to the elimination of the Canadian penny.

Canadians may continue to use pennies indefinitely, but the Royal Canadian Mint will officially stop circulating them as of February 4, 2013, and it has already stopped penny production. Inflation and the 1.6 cent cost to produce each penny are two of the main reasons cited by the Mint for the elimination. Other countries that have already removed their lowest denomination include Australia, Norway, Switzerland and the United Kingdom.

Design of $20 Farewell to the Penny Silver Coin

On the reverse of the new $20 Farewell to the Penny Silver Coin is a striking design of two maple leaves that have been featured on the penny but with an added element of water. The leaves appear floating, as if being laid to rest, and causing a small ripple. It was designed by Jesse Koreck. Inscriptions include 20 DOLLARS, FINE SILVER, ARGENT PUR, 9999, 2012, CANADA and JK for the artist’s initials.

An effigy of Queen Elizabeth, by Susanna Blunt, is on the obverse along with the inscriptions ELIZABETH II and D.G. REGINA.

These 99.99% fine silver coins have a weight of 7.96 g (a bit more than one-fourth ounce) and measure 27 mm in diameter. Their edges are serrated. Each one is encapsulated and packaged within a clear vinyl pouch attached to a non-serialized certificate booklet that describes the coin, design, and the collection.

$20 for $20 Mintages

The $20 Farewell to the Penny Silver Coin’s mintage has been limited to 250,000 with a limitation of three coins per household. Similar restrictions applied to all the previous issues in the series, except for the first one, which had a mintage of 200,000 and did not allow orders outside of Canada. Every coin in the “Exchange $20 for $20” program has sold out, often occurring around the one month period.

Previous $20 Silver Coin Issues

Those earlier products were the $20 Maple Leaf and $20 Canoe silver coins in 2011 as well as the $20 Polar Bear and $20 Queen’s Diamond Jubilee silver coins in 2012. Following the Farewell to the Penny strike will be another design coming in November that celebrates the holiday season.

Order from Royal Canadian Mint

Orders for the commemorative Farewell to the Penny Silver Coin may be placed via the Royal Canadian Mint’s website at www.mint.ca for $20 CAD each plus shipping and handling.

{ 19 comments… read them below or add one }

The other Brian August 24, 2012 at 1:16 pm

Love this program, although I have to pay the shipping price to the U.S.

Cheap way to obtain a little bit of silver, know that you could always just spend it for face value north of the border.

Joe August 24, 2012 at 6:35 pm

Hope I don’t get milk spots.

annie August 26, 2012 at 5:55 pm

let’s compare canadian $20.00 to american eagle burnished unc silver dollar:

ASE 1 oz burnished unc. cost $45.95 – 48.7% over silver spot.

canadian $20.00 silver coin cost $20.00 – 152.8% over silver spot.

i prefer american eagle silver dollar.

Joe August 26, 2012 at 6:30 pm

Made in the USA

The other Brian August 27, 2012 at 11:31 am

@annie – But you can only spend the ASE for $1 (not saying anyone would.)

This coin, you can always turn around and trade for $20 Canadian (which is about the same as U.S. now). I’d rather have a $20 coin with some silver in it as opposed to $20 printed on paper ANY DAY. Where is the risk?

No one is being lead to believe it’s the best way to invest in silver.

Joe August 27, 2012 at 8:03 pm

$20 for 1/4oz. of silver Canadian. 1 Ounce Gem Brilliant Uncirculated Silver Eagle $35. Can’t use $20 for $20 coin for $20 in Canada. It’s not worth $20.

annie August 28, 2012 at 6:44 am

many people were being brain wash. apmex have several thousand sets in stock. can’t even sell them. remember canada have been issued this type of coin long time ago. like olympics. can’t even use them.

The other Brian August 28, 2012 at 11:46 am

@Joe – But it is. It says so on the face. In fact, at face value the coin is worth 20x that of the American Eagle. Truth be told.

Tell me why having a $20 bill in my wallet is better than having a $20 coin that contains any amount silver. Please. Be my guest.

Mark Chenier August 28, 2012 at 12:58 pm

I think they should just put the coin into general circulation collecting was a lot more fun as a kid when you could go through your folks change and actuly have a chance of finding something

Joe August 28, 2012 at 3:28 pm

The other Brian, first of all you can’t use the $20 coin at major banks. They don’t accept it as currency in Canada. Therefore there not going to accept it in any store in Canada. The $20 coin only has 1/4 oz of silver in it. You would only get melt for it in America which is about $10 Same in Canada. Maybe someday it will be a collectible and worth more than $20. Technically an uncirculated Silver Eagle is worth $25 more than a $20 Canadian coin.

The other Brian August 28, 2012 at 6:29 pm

@Joe – I get what you are saying face value vs. melt value. Obviously whichever is higher is what you are going to want to go with. I suppose I don’t understand why they wouldn’t accept it at banks in Canada, as it is legal tender. I worked at a bank in the US for three years in college and we always accepted any legal tender coins/currency – even from other countries (if it was verified as legit.) Bummer. Although I’m sure I’ll find someone readily available to take it for what I bought it for at some point.

Joe August 28, 2012 at 6:54 pm

The other Brian, I can’t post the link. My google doesn’t work. That’s where I found it. Save your $20 coin. It is a collectible.

The other Brian August 29, 2012 at 11:52 am

I found a few links, most referring to this story. http://www.thestar.com/business/article/1221621–coin-collector-learns-the-difference-between-legal-tender-and-spending-money-the-hard-way

So it’s not that the banks “can’t” accept them, but more that they “won’t.”

Joe August 29, 2012 at 3:19 pm

So why won’t they, if they can?

The other Brian August 30, 2012 at 11:46 am

Having worked as a bank teller in my past, I speculate that there simply isn’t a stream lined way to collect, sort, account for and forward them on. It was always a pain/inconvenience to get $2 bills, 50 cent pieces, Eisenhower dollars, etc at the bank, but we always accepted them anyway. Somebody tried to get a dollar once for a Silver Eagle, but I informed them that it was worth more and they held on to it. But honestly, I don’t know. If someone pressed them hard enough, I bet they would. Many banks/employees probably aren’t educated on “non-traditional” currency, even “legal tender.”

Joe August 30, 2012 at 6:01 pm

Well explained. Thanks.

mark August 31, 2012 at 1:09 am

How is it that the Canadian mint issues this coin but won’t accept cash for it? “Credit cards” only as stated in their advertising.

Rick September 23, 2012 at 11:25 pm

I get friends and relatives to buy their allowed three coins for me and end up with over 20. I keep two for my coin collection and remove the packaging and spend the rest of them. People are delighted to get a very handsome pure silver coin instead of a $20 bill. Tellers at our bank and credit union will accept them but I only use them for purchases (to their great disappointment.

Mark November 5, 2012 at 6:11 pm

I’ve ordered three of each since the begining, kept two of each and sold the third from each issue for $25-$30.

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