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 Replies: 514 / Views: 78,765 |
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Pillar of the Community
Canada
2845 Posts |
Quote:
although it seems all currency and bills are like any x for x coin
Just one difference. Circulation coin and banknotes taken in payment are recirculated by the cashier throughout the day as part of their cash float. Whereas non-circulating coin is a one-time deal. After it's accepted it can only be redeemed by RCM after the business makes a trip to the bank to seek to do so. |
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Pillar of the Community
 Canada
9864 Posts |
20 for 20 is legal tender for ANY payment in Canada.
NO individual,business or institution (including government agencies) is required to accept the 20 for 20 for ANY payment.
It's that simple.
It's also that nonsensical and confusing.
"Dipping" is not considered cleaning...
-from PCGS website
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Pillar of the Community
Canada
1571 Posts |
As I've stated MANY times, I've had no problem simply taking them to the bank. I have none left and don't plan to buy more. I'd be interested to know if Service Ontario will accept these as payment for drivers lisences, health cards, etc. Or when renewing passports. If a government agency will not take them, they'd might as well follow the UK and change the laws.
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Pillar of the Community
Canada
5324 Posts |
Yes even the RCMP has a different view on what the law clearly states, any one can refuse any bills for payment, although I believe they are wrong in that view of the standing law.
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Pillar of the Community
Canada
1192 Posts |
The RCMP extract I posted is only in reference to transactions, as that is what is most commonly encountered. A retail-customer point of sale transaction.
They are correct that retailers may specify what they are paid in, and customers do indeed have the option of turning down certain types of change. I myself have refused to take a $5 bill offered to me in change. It was a very ratty, journey series without the hologram strip, the golden leaves looked wrong. They gave me a different $5 note as change instead.
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Pillar of the Community
Canada
2845 Posts |
What this might mean is anyone's guess, other than the sale of the $200for$200 was pushed forward from May to August - snipped from RCM's 2nd quarter report ending July 2, 2016 released last week: Numismatics revenue in the second quarter was significantly impacted by the lower sales of face value products partly impacted by management actions to mitigate risks associated with returned products. Management continues to monitor the performance of the face value program.http://www.mint.ca/store/dyn/PDFs/R...%20FINAL.pdf |
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Pillar of the Community
Canada
1461 Posts |
As mentioned before, no business in this country is obligated to take ANY currency should they chose not to. You see businesses refuse $100 bills all the time. It's their prerogative. That includes the banks should they chose not to (and many do from non clients because it actually costs them money to ship the coins back to the mint). I for one no longer pay out face for most FV series coins. From a business perspective, there just isn't any margin in it.
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Valued Member
Canada
192 Posts |
Just curious, who (other than the mint) would sell you FV coins at less than face when they can cash them in at their bank?
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Pillar of the Community
Canada
1571 Posts |
Many people read about the $x for $x coins (such as this thread, especially the title of the topic) and assume they can't be taken to the bank. I've heard of dealers buying them at 80% of face value, then taking them to the bank themselves.
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Pillar of the Community
Canada
1461 Posts |
Quote:
Just curious, who (other than the mint) would sell you FV coins at less than face when they can cash them in at their bank? Dealers do not get FV coins below FV (that would be nice wouldn't it?). Not all bank branches will take the coins, and rarely will they take them from non customers. I sent a guy to my TD branch with $650 in FV coins only to have him come back 10 minutes later because he wasn't a client. Some people do not want to be bothered and will sell the coins for 18 bucks just to save the walk and often a headache. Keep in mind that many of these coins are given as gifts. Edited by TheCoinHunter
08/21/2016 1:26 pm
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Pillar of the Community
Canada
5240 Posts |
@NeoSpec, although many have successfully returned them to the bank for FV, others have had trouble. It depends I think on the particular bank and your relationship with them. If you are having trouble cashing them in you might well sell them for less than FV if you really need the money.
One of my LCS as a courtesy will take small amounts of them-that is where I got rid of my 20 for 20 when I gave up on the series.
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Valued Member
Canada
256 Posts |
Anyone in the northern GTA still looking to cash in their XX for XX.
Canadian Coin & Currency accepts them and gives you cash.
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Pillar of the Community
Canada
1747 Posts |
I have seen on craigslist in metro Vancouver someone trying to sell them for 80% FV, and he had a few hundred, so someone could have made a few bucks
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Pillar of the Community
Canada
2845 Posts |
Perhaps of interest, from The Royal Mint that recently discontinued cashing XforX in Great Britian, this is what they say: Available to purchase from The Royal Mint website right now, the mintage is limited to 45,000 units, down from the 50,000 of the previous releases. There has been rising concern about the ability to cash these in for face value and the mint has started incorporating some notes in their coin description to clarify matters, which we've reproduced below......
Commemorative coins are generally treasured for their aesthetic and collectable value, or for their rarity. Collectors appreciate the detailed hand-finished processes and expert skills used to make them. All coins made by The Royal Mint are legal tender, whether commemorative or circulating. However, only circulating legal tender coins are designed to be spent and traded at businesses and banks.This coin is a commemorative coin so banks, post offices and shops will not accept them. If individual customers wish to discuss the return of this coin now or in the future please contact our customer services team on......http://agaunews.com/royal-mint-trafalgar-2016-100/ |
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Pillar of the Community
Canada
5324 Posts |
Why anyone buys any RM NCLT coins with massive premiums is beyond logic they are all just tokens or medals with the Queen's image a small step better than a Franklin mint product and their logic is misleading saying on one hand they are legal tender but they are not.
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Replies: 514 / Views: 78,765 |
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Posted 08/16/2016 10:49 am
