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A variety of nicknames, including “wartime cent,” “steel war penny,” “zinc cent,” and “steelie,” have been given to the coin due to its distinctive composition (low-grade steel coated with zinc, as opposed to the previous 95% copper-based bronze composition).
The metals used to make coins are selected with longevity in mind. Since the metal must have excellent wear resistance and anti-corrosion properties, base metal alloys are typically used in the production of coins.It is important to take precautions to make sure that a coin’s metal value does not exceed its face value.
This would enable coin smelters to melt and sell the coins. Coins are now made from a metal alloy, such as cupro-nickel, to address this issue.
Cupro-nickel has a silver colour and excellent striking and durable qualities.The unique composition of the coin (low-grade steel coated with zinc, instead of the previously 95%-copper-based bronze composition) has led to various nicknames, such as wartime cent, steel war penny, zinc cent and steelie.
The 1943 steel cent features the same Victor David Brenner design for the Lincoln cent which had been in use since 1909.
Global coated steel coin market accounted for $XX Billion in 2022 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2023 to 2030.
To honour Queen Elizabeth, whose passing in September sparked a tremendous outpouring of sentiment in Canada and sent collectors scrambling to secure rare coins and bills bearing her portrait, the Royal Canadian Mint has created a special, black-ringed C$2 coin.
The mint said in a statement on Wednesday that the C$2 coin, Canada’s highest denomination coin, would enter circulation later in December and feature the traditional Brent Townsend polar bear design on one side and Susanna Blunt’s portrait of Elizabeth on others.
The composition of the new nickel-plated steel coin remains unchanged, but differs from regular C$2 coins due to a black outer ring on both sides. There would be nearly 5 million such coins that will begin appearing in circulation gradually as banks restock their coin inventories.
