There are some interesting things happening in this country over the next few months. One of the most intriguing is certainly the abolition of the Canadian penny. At Dynamic Gutters we work with copper on a consistent basis. You have to wonder what the disappearance of the penny will do for the price of the copper in this country, and how that could affect the price of copper gutters.
The Canadian Penny
The penny is disappearing officially on February 4, 2013 from the Royal Canadian mint. Taxpayers are estimated to save 11 million dollars from the change, but we started to wonder how this would affect metal prices for things like copper.
Our copper gutters are some of the most attractive and popular fixtures we provide. So how much copper will Canada save by abolishing the red cent?
Canada minted 1,100,000,000 pennies in 2011.
Those pennies weighed 2.35g each.
That means the total weight of pennies released in 2011 came to 2,585,000 kg
Only 4.5% of that was really copper (the rest was steel)
So that brings us to 116,325 kg of copper saved.
How much copper is that? That’s enough copper to recreate the famous Statue of Liberty.
And we’d still have 36,325 kg of copper left over! With the left over metal, we could string gutters from Abbotsford, all along the highway to North Vancouver.
So does this mean we get cheap copper now?
Sadly, commodities index reports are predicting that the price of copper will remain steady, despite the increase of supply. No cheap copper for us. Considering this, we should be thankful that prices are not going up out of a lack of supply.
If demand stays high for copper, this might be a good time to invest in copper gutters for the home. Copper gutters are known to last for decades with proper care. It could be the last gutter upgrade you ever make!
Regardless, here’s to 2013 and the birth of the nickel pincher!
(Actually, that doesn’t sound right. Never mind.)