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Moderator
 Australia
16849 Posts |
As I said in the thread on this topic in the Canadian subforum, the problem seems to me to be one the Mint could have avoided, by getting all the major banks on board and having them promise to accept them for full face value in unlimited quantity, before launching the scheme. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Bedrock of the Community
Australia
21788 Posts |
Begs the question:
"When is an NCLT not an NCLT?"
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Moderator
United States
189340 Posts |
Non-Circulating Legal Tender.
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Pillar of the Community
Canada
3692 Posts |
So how can you get it to be legal tender if it's not allowed to circulate? An oxymoron, right there. So....I can only circulate it between me, myself, and I. Yeah, that makes a lot of sense, there, RCM. Why would they call something NCLT?!!? Why don't they just sell play money, as well, seeing that it's "worth"less? |
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Rest in Peace
United States
2668 Posts |
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Pillar of the Community
Canada
598 Posts |
... or just stop putting a denomination on it  Quote:
... Why don't they just sell play money, as well, seeing that it's "worth"less?...
Libertad I, I , I'm almost speechless... you know Canada has plastic money now (polymer notes). And that the RCM has dropped our cent/penny because it costs more than a cent to produce... and that our other circulating coins are now made out of plated steel instead of pure nickel for the same cost effectiveness reason... and silver is long gone in the 60s of course. When will we have plastic coins. I think the new igeneration will be ready for that. Talk about debasement. Sure I've bought a few NCLT RCM pieces that I've liked... in the aftermarket when premiums plummet. But lately, the flood of NCLT has been a great windfall for the RCM. I think it's hurting the seasoned collector, but the RCM is hoping it's adding new collectors. I guess that the RCM finally confirming that their NCLT ain't legal tender at all... I mean confirming it in a written statement... confirming something many collectors may have suspected but not questioned, because they are collectors not spenders. It just puts me off... in hard times, just sayin' is all, in hard times that NCLT isn't money at all... a real let down |
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Pillar of the Community
Australia
7096 Posts |
I know the dollar and dump series has been demonetized, I would imagine that is because the dump had a face value of 25 cents and is the only coin that has had this face value in Australia. I would imagine that all the 1 and 2 cent silver proof coins are demonetized as well. This really is a moot question, Who on earth would want to cash a silver $5 coin with 36g of silver in for $5 anyway. If anyone wants to do this, Then bugger the banks , My door will always be open if you want to cash them in   |
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Pillar of the Community
Canada
598 Posts |
^^^ Well, the point that got Canadian collectors all riled up was that bullion, as you have mentioned, typically had a lower face value than bullion value... The sticking point is that this newer "$20 for $20" silver coin series has a face value of (you guessed it) $20, but is only one quarter of an ounce of fine silver... one quarter of an ounce of fine silver... $7 worth. Things are upside down with the series, so... if de-monetized, worth a lot less than face. Sure, you get into the discussion of collectable versus NCLT versus the whole legal tender thing. And this RCM announcement... it's all, just, not good  >>> edit >>> btw, $5 Canadian Silver Maple Leaf is one troy ounce... a smidgen over 31 grams. Edited by IBGolden
07/06/2012 8:12 pm
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Pillar of the Community
Australia
7096 Posts |
Quote:
btw, $5 Canadian Silver Maple Leaf is one troy ounce... a smidgen over 31 grams.
I was referring to the Aussie $5 coins, We seen to be a bit more generous with the silver here |
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Pillar of the Community
Canada
598 Posts |
^^^ OOOpppsss ... I was all consumed with the topic, Canadian RCM NCLT, and ah, The Announcement of Expected Disappointment, and the pending $20 for $20 fiasco... and all that jazz.  |
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Valued Member
291 Posts |
Generally speaking but with a few glaring exceptions, Canadian NCLT coins and sets drop significantly in value within a few years of issue. Without a doubt, the RCM produced some very attractive coins but generally charges too much for them (and forget about postage from Canada to USA - oy vey!). |
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Pillar of the Community
Canada
598 Posts |
But the thing is that the $20 for $20 series has a face value well above the bullion value, and that when the series started the RCM advertised these coins as legal tender $20 coins. You give them a $20 bill(by electronic or other means), and you get a $20 coin that just happens to be made out of silver and a quarter ounce of it. What happens if I try to buy the next coin in the series with a previous coin from the series... it ain't lookin' too good for them right about now.  |
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Pillar of the Community
United States
1620 Posts |
Can anyone answer this is it legal to cash in Canadian cents at an American bank in rolls
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Bedrock of the Community
13014 Posts |
This really is one of the dumbest things I've ever read and one of the dumbest policies that has to be out there. If its not legal tender the mint shouldnt put a face value on it. If theres a face value you should be able to spend it for that. Quote:So are there similar rules here in the US? Does this mean that we can't spend 2012 and later Presidential dollars or 2002 and later halves? Nope, anything the US mint puts out with face value can be spent at face value but stores are allowed to dictate any method of payment they want. Banks will take them though. Quote:
Can anyone answer this is it legal to cash in Canadian cents at an American bank in rolls No its not american money. If you use some here and there most places dont care and will just circulate it but unless you go to the airport and have it converted into american money you cant just show up with a box of them and ask to have it deposited. If its an international bank and you live close to the boarder they may be willing to work with you for it but aside from its conversion rate it has no value in america |
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Bedrock of the Community
United States
17884 Posts |
Quote:So are there similar rules here in the US? Does this mean that we can't spend 2012 and later Presidential dollars or 2002 and later halves? Not if the person you are trying to give them to doesn't want them. Just because something is legal tender that doesn't mean that anyone has to accept it, and that includes banks. If it is unfamiliar you can have a problem getting it accepted. Try spending a Two Cent, Three Cent, a trime, or a Half Dime. I've had V nickels refused. And those nice ten and twenty dollar bills, no one has to accept those either. I would think some people would balk at taking the clad commemorative half dollars as well. Quote:
If its not legal tender the mint shouldnt put a face value on it. If theres a face value you should be able to spend it for that. But it is legal tender, and you can spend it, IF you can find someone willing to accept it. Quote:
, anything the US mint puts out with face value can be spent at face value if the seller is willing to take it. Quote:
Who on earth would want to cash a silver $5 coin with 36g of silver in for $5 anyway. Well if silver was $3 an oz..... Don't laugh that happened in Canada years ago with the 76 olympic coins. They originally sold for double face which was just a little above their metal value. But then a few years later the spot price of silver dropped and the face value of the coins was higher than the metal value. Years later the same thing happened with the silver maple leafs. Silver dropped and they had a $4 metal content and a $5 face value. Both times people started trying to take them to the bank and found that the bank didn't want them. Eventually they would find out how to exchange them but usually by then the silver had moved back up. Quote:
So how can you get it to be legal tender if it's not allowed to circulate? An oxymoron, right there. So....I can only circulate it between me, myself, and I. No you can circulate it between you and anyone else willing to accept it, just like any other coin or paper money. |
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Posted 07/06/2012 10:54 am
