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

According to the TD, they cash NCLT coins as long as it's $50 worth at a time. Seems the problem people are having is common, most bank personnel are unfamiliar with them. No surprise at that.

http://www.td.com/to-our-customers/...id=a02524af2

You're very welcome. Just my opinion but I really doubt if any bank would require the NCLT to be capsuled since they're not redeeming it for any sort of potential numismatic value. A $20 for $20 is worth $20, scratched or otherwise.

Silveroid, your bank has an amusing way of doing things. As if a COA - a useless little square piece of paper - proves something is genuine and then they return it to the customer? If it were me I could keep a COA in my wallet and use the same one over and over! Bet the counterfeiters do too! (This is probably the reason some or all banks request that NCLT cashers have an account there.)

Yes, I can appreciate what you're saying Silveroid, that's why I find it amusing. If you stopped 100 people on the street I bet you'd be lucky to find even 1 who could describe what a NCLT looks like. While we might think a mintage of 8000 or 10000 is excessive the chance of a bank teller ever coming across one is very rare, contrasting that to Canada's population of 35,000,000. I do somehow suspect that RCM never intended to manufacture the x for x coins, selling for face vale, with the intention that they be cashed in (ie refunded) anytime soon otherwise they may as well just sell 20 dollar bills and eliminate the hassle of redemption.

Which prompts me to question - considering they are sold as collectors items, have they become so mass produced that they're only worth face value? If so, what's the reason that people continue to buy them?

Hmmm well all I can say is that evidence of 13 the pages of this thread demonstrate that "Non-circulating coin" is not the same as "money". So I still don't get the point of intentionally buying, then selling x for x at par.

I used to buy all the x for x coins and get the maximum amount they would sell (sometimes using 2 accounts). However with the sheer number of coins in the 20 for 20 series now and the addition of the higher face value coins they don't really command a premium over face. Not too long ago I actually bought one of the $50 for $50 polar bear coins on ebay for $45 shipped. Figuring after shipping, ebay fees, Paypal fees, I don't think it was a very good investment for the seller. I have now sold most of my doubles and was able to get $25 for the $20 coins. The farewell to the penny, polar bear with the cardboard, and canoe coins seem to be the easiest to sell. Otherwise I use them to trade for other coins that I want. I don't see these coins being worth much more than face value after they sell out from the mint, nor in the next 20 years or so. Taking inflation into account, I don't feel like its a good idea to hoard these coins IMO.

Now I stick to buying only one of each coin just to keep the series going but not expecting to ever make much on them in the long term. I ended up getting 3 of the latest $200 for $200 coin (2 came from an order than I was given the cancellation confirmation for), put them on Kijiji for face value and haven't gotten any replies on it. I am going to try bringing those to TD to see if they will accept them. I feel a bit uncomfortable trying to return the coins to the mint in case they get lost in the mail or something.

It seems like it would almost be easier to sell them on ebay or kijiji. I just paid $22 for one. I would gladly pay $20 if they were still in mint condition.

That's interesting MoneyPenney. What does a bank do with coins that are exchanged for cash? Do they send them back to the Mint? If so, what happens to the coins next? Are they sold to dealers or melted down?