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 Replies: 21 / Views: 4,329 |
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Valued Member
United States
214 Posts |
Seriously, I have never seen, nor heard, of a currency devaluing against itself. You are clearly in unprecedented territory. What type of "CASH" is this guy paying in? I would definitly insist on payment in some form of coinage with silver or gold content (I.e. maple leafs) because there is no telling where this devaluation will end.
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Pillar of the Community
United States
613 Posts |
That's right, the "put your gold in a bag and mail it to us" thing.... I couldn't believe it when it ran oin TV and then suddenly, it was all gone. I wonder how that all went down. That was something else!
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Pillar of the Community
United States
613 Posts |
I'll offer 90% for the 20 for 20s!!
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Valued Member
United States
214 Posts |
Normally, one would expect the central bank to step in and buy its currency at 100% of its face value in order to avoid a currency collapse, but in this case it appears to have been the banks who have created the situation by treating NCLT differently than CLT.
Edited by teo2015
09/21/2015 12:39 pm
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Pillar of the Community
Canada
3049 Posts |
teo: at first thought you were just being silly and joking around.. but you keep on with it and I think you're a bit misled.
The $20 for $20 series are coins with silver content and you can actually cash them in at banks for their face value. The individual who put the ad up in the original post is at best trying to make a 20% cut right off the top... or will turn around and flip them (as they are a bit collectible).
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Pillar of the Community
Canada
1118 Posts |
"A nickel ain't worth a dime anymore" -Yogi Berra
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Valued Member
United States
214 Posts |
Agcoinau: I was originally joking, but I had been following the other thread about how banks were requiring people to open accounts and waint weeks before crediting them the face value of the coins (as well as news reports) and this was likely what prompted the craigslist ad to buy them for 75% of face. The whole situation opens itself up to satire when the banks who should be striving to build trust in their currency system, start undermining trust and creating the impression that face value assigned by the mint is not a given, and that all denominations assigned by the mint may be questioned by the banks, or deposits held until payment is received from the mint. It is a silly (and possibly determental) approach for banks to take in a world of fiat currencies.
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Valued Member
Canada
491 Posts |
Maybe he'll pay them in Canadian Tire Money
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Pillar of the Community
Canada
5324 Posts |
There was a great gathering of CTC moneycollectors at the Halifax RCNA go figure. Edited by john100
09/21/2015 2:46 pm
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Valued Member
Canada
147 Posts |
I can't really complain about someone doing business like this, because I only offer 50% of the face value. Being in Ottawa, I always urge people to try to redeem them at the bank (I've heard TD and RBC are regularly taking them here). If that doesn't pan out, I tell them to take them to the Mint boutique and redeem them for in-store credit, pay a small admin fee and take rolls of loonies and toonies. I'd rather be an option of last resort or for the people that just don't care.
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Pillar of the Community
Canada
5324 Posts |
I don't want to be too critical of one's business practice, but offering 50% for these 20 for 20 is akin to offering 50 cents on an old dollar bill, they are hard to use at many businesses but the well informed is just take it to your own branch to exchange or deposit, but as you say they don't care what can you do. There must be many collectors who seems to have no bank accounts.
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Valued Member
Canada
147 Posts |
You're not wrong. And when I'm stuck with a glut of nickel dollars and halves, I do tell them that I pay less than the face value -- I'm very upfront about it and encourage other avenues first.
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Pillar of the Community
Canada
5324 Posts |
The 5 big banks about 2 years ago started to charge a 1/4% fee on currency deposits in current accounts and for years charged some fees on coins. If you are obviously upfront with offers what more can you do.
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Pillar of the Community
Canada
514 Posts |
that add is terrible, and IMHO shows the bad side of collectors who are willing to make a buck on people who are in a bad spot, or by preying upon their ignorance.
I bought the fisrt couple issues of $20 for $20 because I liked the idea of a $20 face value canadian coin (which should never be worth less than face value) being made of silver - which also had value.
I did stop buying them though - especially considering that there is more silver content in a 1967 & prior silver dollar.
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Valued Member
United States
123 Posts |
Thanks for clearing it up, I didn't know what $20 for $20 was. I've got to say I don't like those designs with Bugs Bunny, etc. Almost as bad as the ugly Presidential dollars. |
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Posted 09/21/2015 11:42 am
