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Pillar of the Community
Canada
2845 Posts |
Quote:
If however they change the policy for the x/for/x coins, I'm thinking it will reflect over the entire spectrum of coins. Where all coins could be refused for exchange or refund.
Well I don't know but I don't see a connection between the two whatsoever. There never was a "policy" for x/for/x coins because the mint issues them as Collector Coins intended for collectors to hold on to. Imagine the outrageous cost if every $20 banknote that a bank teller handed out had to get sent back to the Bank of Canada to get reissued after the customer decided to cash it in? |
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Pillar of the Community
Canada
5324 Posts |
As most knows my position on the 20 for 20 type coins, the RCM has boldly go where other mints never went, just had to use that statement. This was their advertising of no risk and a specify redeeming process for all NCLT, so one would be assured of face value redeeming, in future they are implementing hard limits to curb a small problem but as mentioned above who's great idea to make licensed 20 for 20 products. In my opinion the RCM's biggest problem will be redeeming the rash of fake 20 for 20 and such coins, better than printing fake twenties. |
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Pillar of the Community
Canada
2019 Posts |
Quote: the RCM has boldly go where other mints never went, just had to use that statement. This was their advertising of no risk and a specify redeeming process for all NCLT, so one would be assured of face value redeeming Lol, well the RM and the US mint said the same thing, now look, dont hold on to the hopes that the RCM will never change this policy, because they can and will if they choose too and nothing that you or I say on some forum will change that if indeed they go that route. |
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Pillar of the Community
Canada
1027 Posts |
Should we return all our face value coins now; especially the 200/200 and 100/100 before they change their policy?
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Pillar of the Community
Canada
5324 Posts |
Not sure The Royal Mint ever marketed these coins as the RCM has, they The Royal Mint was always vague on the redeeming of this type of coin, the US mint just stopped marketing bulk bags to the public and not accepting credit cards for the face value bulk purchases. The RCM will have some sort of grandfather time period to redeem if they change policy or this will be an easy class action by some smart lawyer. |
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Pillar of the Community
Canada
2845 Posts |
John I think it's misleading to assume RCM would be breaking some law or committing fraud if their arrangements for redemptions to the face value program were changed in the future. Class action lawsuits require decades to wind their way through the courts.....and a successful class action lawsuit against a Cdn Crown Corp heard by Cdn Govt appointed judges? Ha, not a chance. By the time it was thrown out of court the value of the average collector's XforX would be lost in legal fees. Sure, one pays X for a non-circulating coin containing a fraction of silver value, that has X printed on it as face value. But nowhere does RCM commit to "cashing it" for face value forever more.... In fact they've always stated the exact opposite. They've dotted their i's and crossed their t's and if people purchased them for the right reasons - to accumulate a low cost coin collection of non-circulating coins - it really shouldn't matter.  Adding: Governments and their agencies change their regulations and policies all the time. We give them absolute power to do whatever by electing them. What's the chance of a successful class action lawsuit by a smart lawyer to prevent a tax increase? Zero, same as a class action lawsuit against RCM. Edited by wildflowerAB
05/25/2016 2:28 pm
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Pillar of the Community
Canada
5324 Posts |
Mr. Reeves, the RCM spokesperson for many decades clearly stated the RCM's own policy in this regard in a CCN front page article, they still run adds on TV and newspapers inferring no risks, what more is there to say, sure any company can turn about face but you risk losing business and instant lawsuit. The RCM is a company , no different than any other Canadian operation, I just don't think The Royal Mint ever offered such warranty, and the US just stopped accepting credit cards for large face value purchases. Ask Bell mobility ,CIBC visa, Rogers, ect, although the lawyers makes most of the winfall, what happens with misleading advertisements. If people are so worried about future change just cash them in now. |
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Pillar of the Community
Canada
2845 Posts |
Quote:
If people are so worried about future change just cash them in now.
I'd agree. |
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Pillar of the Community
Canada
1027 Posts |
FROM THE RCM WEBSITE: "The Mint has a process in place to reimburse financial institutions the face value of redeemed NCLT coins, once they have accepted them from a customer and returned them to the Mint. In the event a bank branch is unaware of this procedure, customers are advised to contact the Mint with the coordinates of the bank branch, which will take steps to inform the branch of the redemption process." "As collector coins can only be redeemed at face value by businesses and financial institutions willing to accept them, it is recommended that individuals wishing to sell a collector coin first consult with a coin dealer, who is more likely to offer a price above face value." So is this just BS on their FAQ section? |
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Pillar of the Community
Canada
5324 Posts |
The banks get around 5% to redeem these coins, why wouldn't they do it, some branches just don't want to do any more work than they have to.
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Pillar of the Community
Canada
6768 Posts |
Didn't RCM announced only the limit of purchase of XforX coins? I think some of the next will be also taken in the future, like: *quit counting XforX towards MC status *setup different agreement with Bank(s) that somehow limits depositing XforX coins but now it totally safe. Rarely person need more than 2-3 (only in case if some collects 5 sets in parallel, or some coin in series has great design like ST) |
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Pillar of the Community
Canada
5324 Posts |
I gave the wolf design a few years ago as cool gifts to friends and family instead of 100.00 bills, all was excited to receive, but if there are hard limits that's okay too, as mentioned everyone of these coins must cost the RCM a few bucks in just handling and shipping charges not withstanding redeeming fees. The Royal Mint was late to the game with their product and I believe all the UK NCLT are treated the same over there as Franklin mint products. Due to the RCM's bold assurances, if they change redeeming rules, there will be a time period where most if not all will be deposited and generally kill their NCLT sales, right now everything is okay. |
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Pillar of the Community
Canada
1027 Posts |
Sandra L. Hanington, President and CEO of the Royal Canadian Mint states: "We will continue to make strategic choices which will help the Mint grow and compete,while meeting our "CORE RESPONSIBILITY" to Canada and Canadians." Will she keep her word? P.S. @john100...I agree with all that you said! Edited by New1954
05/26/2016 08:23 am
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Pillar of the Community
Canada
6768 Posts |
Quote:Due to the RCM's bold assurances, if they change redeeming rules, there will be a time period where most if not all will be deposited and generally kill their NCLT sales, right now everything is okay. That's the point, that right now it goes good with RCM and their XforX.....except the case that you mentioned earlier - once a while you had to buy multiple amount of same coin... |
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Valued Member
Canada
65 Posts |
I managed to order and receive 6 of the star trek 20/20 coins in the mail using my account I have no rep.
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Replies: 59 / Views: 7,711 |
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Posted 05/25/2016 12:15 pm
