CPM Forum
Coins, Bullion, Medals, etc. => Canadian Coins => Topic started by: AJG on August 24, 2024, 03:39:03 pm
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I am wondering why there was only a limited number of King Charles coins for each denomination last December. Could it have been due to many banks in Canada (particularly Atlantic Canada) having a huge inventory of unreleased coins with the Queen on them not being issued fast enough? Or could it be due to banks preparing to close branches due to declining traffic (like Scotiabank has in Newfoundland in recent years, and eight are scheduled to close this year - at least two have closed already this year in fact) and the branches may be phasing out cash orders in preparation for converting to digital branches?
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The low volume of 2023 dated King Charles coins is influenced by many factors, such as:
1. The late changeover to the new King Charles obverse in November 2023. The RCM did not issue any circulation coinage featuring the late Queen dated 2023 but instead issued double dated 1952-2022 coins as non-circulating legal tender.
2. The overall demand for new coins in the economy.
3. The large stockpile of previously issued new coins from 2022. (As you stated). It is probable that the RCM DID continue to mint 2022 dated coins with Queen Elizabeth featured on them between September-December 2022.
I believe that because of the short run time of the 2023 dated Charles coins, they will be more desirable than 2024 dated coins.
The demand for coins comes from the economy as a whole, not due the decision of one or more of the chartered banks to reduce the number of branches.
Best,
Dean
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The low volume of 2023 dated King Charles coins is influenced by many factors, such as:
1. The late changeover to the new King Charles obverse in November 2023. The RCM did not issue any circulation coinage featuring the late Queen dated 2023 but instead issued double dated 1952-2022 coins as non-circulating legal tender.
2. The overall demand for new coins in the economy.
3. The large stockpile of previously issued new coins from 2022. (As you stated). It is probable that the RCM DID continue to mint 2022 dated coins with Queen Elizabeth featured on them between September-December 2022.
I believe that because of the short run time of the 2023 dated Charles coins, they will be more desirable than 2024 dated coins.
The demand for coins comes from the economy as a whole, not due the decision of one or more of the chartered banks to reduce the number of branches.
Best,
Dean
+1
Dean sums it up perfectly here in GTA & likely most of Ontario. A bank teller just informed me that they had not ordered new KCIII coins & would unlikely order them for sometime due to their high stock & lack of demand. ALSO, any grocery store which hasn't been converted to self-check out is being converted. Even our thrift stores have been converted- all designed to eliminate the use of cash.
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That could also explain the lack of Lane-Macklem $20s in Ontario thus far, it seems.
Also, the one thing that would need to be adjusted for the King Charles III coins is vending machines. It's bad enough vending machines do not accept commemorative toonies and quarters.
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I have only just started seeing coins with the king this month. Spotted a nickel, a quarter, and a loonie in my pocket change recently.
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Another thing to consider about 2023 KC coins is ... QEII died on September 22nd and (according to the RCM website) it took time for 4 submissions of Charles busts to be designed and a final to be chosen, re-tooling, etc. before any Charles coins went into production in December. As a "coin factory', I would think that the RCM has a fairly tight run schedule, and the need/protocol to mint at least some Charles coins within the same year that he became King was probably not something that was planned for, so they did as many as they could given the very short time in which they had to do it.
Does anyone know firm numbers of 2023 KC coins minted? Last I heard is they didn't differentiate between QE and KC and just issued a total of both.
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I'm confused about this ...
The RCM did not issue any circulation coinage featuring the late Queen dated 2023 but instead issued double dated 1952-2022 coins as non-circulating legal tender.
I have seen 2023 coins in almost all denominations with QEII on them, so????
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I have been getting some King Charles coins in my change but not frequently but maybe once in a while. I keep any King Charles coin I get in my change 2023-2024 as the first year of the king's effigy on the coin may be rare in the future.
Although the King Charles coins has been out for approximately 2 years, I mostly get the queen's effigy in my change for the past 2 years I been using cash but as the years goes by, more King Charles coins will appear in circulation
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This situation with King Charles coins not being as abundant in circulation pales in comparison with when the new $10 bills with Viola Desmond were first issued in 2018. Atlantic Canada (especially Newfoundland) had a very small number to start, and banks in Newfoundland (and likely Atlantic Canada) had a large number of outstanding MacDonald $10s to distribute. Because of scarcity of Desmonds, people likely held on to them and would likely only spend the MacDonald $10s. Five years later, in 2023, the number of Desmond $10s now overshadow the MacDonald variety in my province. I do not remember the last time I received a MacDonald $10 in my change or from an ATM - they're quite scarce now.
The King Charles coins are likely in the same predicament. They are very scarce - I never see any in my change, and could imply that people who receive them from the bank refuse to spend them until they become more abundant.
If this trend with the Desmond $10s holds true for the King Charles coins, I expect it will be 2028 or 2029 by the time they become widely circulated nationwide, including Atlantic Canada.
Also, are there any King Charles coins minted for 2024 (not including commemorative) yet?
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This situation with King Charles coins not being as abundant in circulation pales in comparison with when the new $10 bills with Viola Desmond were first issued in 2018. Atlantic Canada (especially Newfoundland) had a very small number to start, and banks in Newfoundland (and likely Atlantic Canada) had a large number of outstanding MacDonald $10s to distribute. Because of scarcity of Desmonds, people likely held on to them and would likely only spend the MacDonald $10s. Five years later, in 2023, the number of Desmond $10s now overshadow the MacDonald variety in my province. I do not remember the last time I received a MacDonald $10 in my change or from an ATM - they're quite scarce now.
The King Charles coins are likely in the same predicament. They are very scarce - I never see any in my change, and could imply that people who receive them from the bank refuse to spend them until they become more abundant.
If this trend with the Desmond $10s holds true for the King Charles coins, I expect it will be 2028 or 2029 by the time they become widely circulated nationwide, including Atlantic Canada.
Also, are there any King Charles coins minted for 2024 (not including commemorative) yet?
The 2024 King Charles nickels, quarters and dimes are abundant in Toronto.
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This situation with King Charles coins not being as abundant in circulation pales in comparison with when the new $10 bills with Viola Desmond were first issued in 2018. Atlantic Canada (especially Newfoundland) had a very small number to start, and banks in Newfoundland (and likely Atlantic Canada) had a large number of outstanding MacDonald $10s to distribute. Because of scarcity of Desmonds, people likely held on to them and would likely only spend the MacDonald $10s. Five years later, in 2023, the number of Desmond $10s now overshadow the MacDonald variety in my province. I do not remember the last time I received a MacDonald $10 in my change or from an ATM - they're quite scarce now.
The King Charles coins are likely in the same predicament. They are very scarce - I never see any in my change, and could imply that people who receive them from the bank refuse to spend them until they become more abundant.
If this trend with the Desmond $10s holds true for the King Charles coins, I expect it will be 2028 or 2029 by the time they become widely circulated nationwide, including Atlantic Canada.
Also, are there any King Charles coins minted for 2024 (not including commemorative) yet?
I have seen King Charles coin minted in the year 2024 what Dean said. One of my friend found a 2024 dated Charles loonie and toonie which were not commemorative coins but they are releasing into circulation.
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One of my friend found a 2024 dated Charles loonie and toonie which were not commemorative coins but they are releasing into circulation.
This is great news :)
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I recently noticed that there is a lack of 2023 Charles coins in circulation particularly the 10 cents coin. In my one year of spending cash and getting coins back in change, I have only received 1 2023 Charles dime in the span of 1 year. Is anyone not getting any 2023 Charles coin in general? Most of the time I get 2024 Charles coin in my change and I would like to hear about your thoughts.
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The 2023 King Charles coins were only minted in a very small quantity and I also read comments about 2023 coins minted with the late Queen's portrait still engraved on them. Due to the limited run, the 2023 Charles coins are the most sought after by collectors and are likely worth a lot of money.
I don't even know what coins I get in my change these days, especially since I went cashless for most of October.
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The 2024 King Charles nickels, quarters and dimes are abundant in Toronto.
Same here in montreal. All widely available in all denominations.
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Well, what do you know. I received my first King Charles coin today. Got it in my change at a Sobeys supermarket - it was a quarter, and I believe it was one of the elusive 2023 series, and it makes sense since it didn't appear that new to me.
I have a feeling they will be quite rare in Newfoundland for a few years - just like was the case with the Viola Desmond $10s - which had a very tiny number in circulation for its first few years, and became quite common five years later. Either way, I won't be spending that quarter any time soon.
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2023 dated King Charles quarters and nickels are very common in Toronto. It's the 2023 dated dimes loonies and toonies that are proving to be elusive.
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2023 dated King Charles quarters and nickels are very common in Toronto. It's the 2023 dated dimes loonies and toonies that are proving to be elusive.
In 2 years of getting change, I have only found one 2023 Charles toonie in my change. I see the mintage for the 2023 Charles toonie is low but I have some 2023 dated loonie and dimes. I collect every single Charles coin I get in my change.
Looks like finding a 2023 Charles Toonie in your change is like getting a colored 2017 glow in the dark toonie in your change.
Speaking of which did anyone find a colored glow in the dark toonie in your change or coin roll hunting before?
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As I said before, I came across only one Charles coin in my change so far - a quarter.
This implies that nickels and quarters are the highest-demand coins currently in circulation. Toonies have supposedly fallen in decline for years where I live - it's probably because its purchasing power became the $5 bill.
As I said before, it seems like, due to recent inflation, the $5 bill's heyday may be over as more people are using $10 bills - likely for the first time since the 1980s. As for $5 bills, there have been no new bills of that value in my hometown despite the many that were printed in the last two or three years, and that may be because the number of toonies in circulation may have leveled off now.
But then again, we may see new $5 bills being trickled out in my region eventually, as the HCV through IND prefixes, still seen in circulation to this day, have been issued five years ago and are likely due to be replaced soon - but regardless, banks won't order as many new bills anymore, and I may be lucky to see just one new prefix per denomination per year these days.
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Just want to ask, was there an increase in new King Charles coins minted for 2024 as opposed to 2023, but like 2023 there was still a limited quantity minted for 2024?
It's disappointing I still see so many new coins with the Queen on them still being issued in Newfoundland. Either the King Charles coins are available in some banks in my region but people are likely hoarding them, or they are being released in trickle fashion just like with newer banknotes nowadays?
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Just want to ask, was there an increase in new King Charles coins minted for 2024 as opposed to 2023, but like 2023 there was still a limited quantity minted for 2024?
I think you may be on to something there AJG. I wonder if they already had a ton of QE coins minted that need to be issued, and therefore perhaps when they minted the first 2023 KC coins which I think they did as some sort of protocol, the also minted a limited number of 2024 KC's at the same time (cheaper to just change the date), and knowing they still had a ton of QE's to put into circulation. I'm in Toronto and it doesn't seem like we are over run with KCs here.
Now what I'm wondering is if they issue any 2025 KC coins at all -- even limited edition?
Cheers,
B
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The 2024 King Charles nickels, quarters and dimes are abundant in Toronto.
Hi Dean, Just wanted to give you a heads up that some of the rolls of what I thought were bank wrapped full rolls of KC coins, actually were not. I broke open a few rolls to look for error coins and was pretty surprised to find a mix of QE and KC. Now I'm wondering about the other rolls I've saved.
Cheers,
B
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2023 dated King Charles quarters and nickels are very common in Toronto. It's the 2023 dated dimes loonies and toonies that are proving to be elusive.
Apparently, I got two King Charles dimes in my change at Sobeys today. However I couldn't pick out the dates on the dimes (I wear glasses), but they may be 2023-dated. Either way, it could be a good sign of things to come.