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 Replies: 105 / Views: 14,438 |
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Pillar of the Community
Canada
3049 Posts |
This is getting a bit side tracked off the orginal post.. but with respect to paying U.S. cover price on books... There used to be a large discrepancy between the CAD and USD.. publishers compensated by puting both prices that included the exchange rate. The exchange rate fluctuates so much.. but as of late.. the reason why the CAD is so close to the USD is not because what we're doing economically is so great... it's that the USD has really tanked respectively. Two states in the U.S. combined have a greater GDP than that of our entire nation so that should put things into close perspective.
I think when posting the price there is two reasons for such a discrepancy right now.
1) It takes awhile from when the books getting written and the cover is approved to printing and put on shelves... many are not willing to risk the conversion changing and end up losing money.. (even though I don't think we'll be at 90% or close to par for a long time)
2) While there is something of a "Free Trade Agreement" in north america it's actually ridiculous.. Essentially it's written up so that the U.S. can have access to our primary resources at dicount prices while our Canadian businesses will be protected from tertiary import products..
The best example I have for this is clothing and shoes.. you can go down into the states and get clothing and shoes not only at a greater dicount price but also at 50x the selection. Reason being that not only is there a larger market in the states... if you want to bring in different items to Canada there is a tax placed on them ...
The vendor in Canada also does NOT have to accept forign currency.. nor should they. A business in Canada does business in CAD... and would have to undergo the expence of exchanging the monies which would cut into their margins. Even if a book had a listing for 200 000baht ... and you had that much in Thai dollars it does NOT give you the "right" to pay with forign currency.
My offer still stands.. if you wish to pay in Newfie coins at face.. I will gladly get any book you want and if it's .925 silver I will charge you 1/2 the cover price...
But if you believe big corporations or government to either change their policies or remove an import tax.. I have some land in florida to sell you...
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Pillar of the Community
United States
998 Posts |
While Canadian businesses are under no obligation to accept foreign currency (this includes US currency) almost every place I have been to (and I have been in all 10 Provinces and 2 of 3 territories) has accepted US currency with no qualms. Newer cash registers often have programmed the current exchange rates so they can return Canadian cash in change for American. It is a good business practice, especially in areas with many American customers.
In areas of the US close by the Canadian border many places accept Canadian currency. Some places advertise that they do, others just as a practice do. Small coins (cents through quarters) are pretty much just handled at face or accepted in change without a second glance.
As far as other currencies, I would be surprised if any other currencies were to be accepted at most places unless there is a specific connection to other countries. Perhaps some areas of NFL or NS might get and accept the occasional Euro due to the proximity of St. Pierre and Miquelon. (DO they use Euro's there? I was there 25 years or so ago and used Canadian cash...)
Like I said earlier in the thread, there is no obligation for any business to accept obscure or old currency or coins. If Dollarama won't accept nickel dollars, halves, paper singles or Two's, that is their choice. If you don't like it then don't trade there. In a couple years they may stop accepting paper currency and only take polymer. Heck, at the rate things are going cash may be a thing of the past soon so the whole argument will be moot.
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Pillar of the Community
Canada
3690 Posts |
@n9jig The bookstore example not about business accepting US currency. Most businesses will gladly take your US dollars and some might even give you a fair exchange. The issue here is that many books. magazines etc. in Canada show both a price in CAD and a price in USD. They often don't relate to fair exchange and the US price is always much lower. A retailer in Canada is going to charge you the CAD amount (or the CAD amount converted to USD if you want to pay in USD). They very unlikely to accept the printed USD price. @Anjohl why waste your time with books. Print off the price of a new car from a US website and go down to your local dealer. See if they take your offer.  The difference in the same make/model on US sites compared to Canadian is often criminal. Car parts are often even worse. The same part in Canada can be many times more expensive here than south of the border. The government (spurred by the late Jim Flaherty) have promised to tackle so called 'country pricing' but I'm not holding my breathe. Sorry - way off the Dollarama 50 cent case. Edited by CC-Ottawa
04/16/2014 2:42 pm
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Pillar of the Community
Canada
867 Posts |
sort of off topic, but related....who hasn't gotten a 10 pence coin in their change...it's the same size as our dime, maybe fractionally smaller....I've gotten English, and I think it was a Hong Kong coins in change before.....good luck bringing those to your bank
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Pillar of the Community
Canada
3049 Posts |
tripoli: ironically they do.. when I go to the bank.. the ladies at the business wicket always have something there for me... and sometimes it's forign coin ...
Most times the teller will say they can't accept it and the customer doesn't want it and just leaves it behind... occasionally the teller may make a mistake and take it thinking it was a cdn coin... And every once in awhile I'm the lucky recipient of that sort of mistake...
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Pillar of the Community
Canada
815 Posts |
A lot of Caribbean quarters, dimes, and 20 cent pieces circulate here as Canadian coins, and most retailers take them without any issue. I guess the point is that despite the lower value, the original traveller who ended up spending them here has already "paid the price" for the terrible exchange, so since the coins are the same size, weight, and denomination, they just circulate freely. I compare it to the older times, when a Spanish 8 Reales or an Austrian Thaler was good just about anywhere in the world.
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Pillar of the Community
United States
998 Posts |
Many foreign coins will circulate in small numbers if they approximate the size and color of the local coinage. While US and Canadian coins are a little different story, it is common for other country's coins that have similar dimensions to show up in change, not due to acceptance as currency but that they really aren't noticed as different.
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Pillar of the Community
Canada
3692 Posts |
¨I compare it to the older times, when a Spanish 8 Reales or an Austrian Thaler was good just about anywhere in the world.¨ (Anjohl)
That is not a fair analogy. The Spanish Empire was once powerful and their money was truly ¨good¨ until they flooded Europe with it. Island coins of today are worthless and shouldn´t be circulating here.
When I get a 10 Piso Phillipines coin usurping my hard-earned toonie or a Brazilian Rial given to me I refuse them outright because that´s straight stealing. There´s a good reason why the coin of the realm is used. Imagine if we just started accepting every world coin that fell into our lap as if it were part of our economy, we´d be broke and trading would be confusing - that´s why currencies get standardized.
On a lighter note, I offered a couple of nickel dollars to a Mexican coin shop (with good reputation) and was offered 50% of its face value. They must´ve thought I was stupid or....
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New Member
32 Posts |
The main problem about 50 cents (both CLT and NCLT) is that companies do business with banks... and that banks work with paper money.
Paper money and coins are needed in the everyday system but the fact is that banks don't want to handle coins. They charge their commercial client for pocket change deposit and this is the reason companies don't want your coins... they don't want any more problems with the banks.
In lots of ways, NCLT is a fraud, nothing else. Either it's legal tender or it's not.
With the retiring of the 1 cent coin, I don't see the point of keeping the 50 cents in circulation set if it's not circulation coinage!?
Edited by Jumpy
04/22/2014 11:44 am
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Valued Member
Canada
372 Posts |
Is the 50¢ coin really still in circulation?
I read that 2002 was the last year that they distributed 50¢ coins for circulation,. The mint did not produce any in 2003 or 2004 and then in 2005 they offered 50¢ coins only in "collector wrapped" rolls at 2x the face value.
Would that indicate that since 2005 these were no longer circulating coins?
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New Member
32 Posts |
Uncirculated Set (2014)"Nothing delights the eye more than a perfect, shiny coin. And this set delivers on thatâ€"times six! It includes all five of Canada's circulation coins, plus the rare 50-cent coin featuring Canada's Coat of Arms." http://www.mint.ca/store/coin/uncir...-prod1840028I guess that the 50 cents IS NOT a circulation coin... when did this happened ? Beats me
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Pillar of the Community
Canada
3690 Posts |
Quote:
I guess that the 50 cents IS NOT a circulation coin... when did this happened ? Beats me
wolfman-11 is correct. The last year for circulation was 2002 though in practical terms, it's probably been 30 or 40 years since they were anything close to commonly seen in circulation. There were none produced in 2003 and 2004 and then the mint brought them back in 2005 in collector 'circulation' sets and rolls to meet collectors demand. Will they do the same with the 1 cent? Unlikely, but we can hope. Edited by CC-Ottawa
04/22/2014 1:12 pm
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Pillar of the Community
Canada
3692 Posts |
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Pillar of the Community
Canada
1700 Posts |
I've received coins from kenya in the change!
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Pillar of the Community
Canada
2124 Posts |
@gidjit: You should have printed out the email you received from the Corporation and show it off to the Dollarama manager.
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Replies: 105 / Views: 14,438 |
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Posted 04/16/2014 2:17 pm
