NCLT Coins Are Not Legal Tender, Including The $20 For $20

While a bank will try to tell you they do not have to accept the coin. They actually by law have to accept that coin. if it were a bill note they can legally refuse to accept it if they want. But, under the currency Act they may not refuse..

(2) A payment in coins referred to in subsection (1) is a legal tender for no more than the following amounts for the following denominations of coins:
(a) forty dollars if the denomination is two dollars or greater but does not exceed ten dollars;
(b) twenty-five dollars if the denomination is one dollar;
(c) ten dollars if the denomination is ten cents or greater but less than one dollar;
(d) five dollars if the denomination is five cents; and
(e) twenty-five cents if the denomination is one cent.


(2.1) In the case of coins of a denomination greater than ten dollars, a payment referred to in subsection (1) may consist of not more than one coin, and the payment is a legal tender for no more than the value of a single coin of that denomination.

http://laws-lois.justice.gc.ca/eng/.../page-1.html

So if you are still reading at this point you may go to the bank and under that one transaction they can not refuse the deposit of 1 20$ coin 1 50$ coin And 1 100$ coin.

But, again they can still refuse and while they are breaking the law... the law actually has not legislation to punish them for the refusal of the acceptance of our currency.

So in conclusion, while it is against the law for them to refuse the 20 for 20 coin. There is no legal action that you can take against them as none as been put in place.... yet.

Maybe, if you incurred damages on the account of the fact they would not accept the legal tender, you may be able to sue for those damages that you incurred. But, just to warn you they have some pretty good lawyer on their side.

Bolding mine, where is a deposit a payment? No where I know of.

Hi ginzhi

To the forum

Please read the RULES (click the RULES tab at the top right hand of your screen)

All Is good Mate,
Have you tried depositing these coins into you bank account ?

I have deposited all the $20 for $20, $50 for $50, $100 for $100, and $200 for $200 into my RBC bank account in Vancouver without any issues.

Apparently the RCM has a better new direction for the banks to accept these NCLT coins, but as I said before if you deposit at your own home branch, surely they will not lose a good customer over a few hundred dollar deposit, but remember the banks don't make 2 billion every 90 days by being helpful to every walkin person.

NCLT is non circulating, but it is legal tender. The banks will get the money for any NCLT that is redeemed. And if they don't accept it, the RCM will make them aware of this.

I've had no problem redeeming x for x so far, after enjoying them for a bit