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 Replies: 514 / Views: 78,828 |
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Pillar of the Community
Canada
2984 Posts |
Quote:
Could be part of the reason why the MC was changed this year, with the limits placed on online orders for X for X I do not think it is possible to attain the $5000 or $10K levels by strictly buying these coins. I highly doubt the MC program was changed because of the x for x coins. They did it as a marketing ploy. It is still pretty easy to reach the basic MC level ($1000)by buying these coins. Also, people with reps can buy more than the limit anyways. I could buy 10 of the $100 for $100 if I want but there is no way I will buy excessive amounts of them just to reach a certain MC level. The hassle of returning them to the bank is not worth it. |
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New Member
Canada
6 Posts |
Hello Everybody: I come back here after I deposited $7295 coins in CIBC bank on July 27, 2015. I have to tell you a bad news. CIBC is still holding my money. They said they would release it on Aug. 27, 2015, but they didn't. I asked the bank manager. She told me even worse message. I copied part of her email: -------------------------------------- I will be contacting Royal Mint as to why this is taking too long. At the same time, I don't think that we will be able to accept the additional coins as our department no longer accepts them. We only discovered this after we took another batch of coins from another client, and they refused to accept them. I will call you once I speak to them. Thank you for your patience. -------------------------------------- Edited by qinzhi
09/09/2015 11:37 pm
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Pillar of the Community
Canada
1505 Posts |
Interesting, I should drop a couple off at my bank soon. Thanks for sharing this.
I wonder if someone tried to deposit a load of fake ones from China and they are taking a risk adverse approach.
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Pillar of the Community
Canada
1192 Posts |
There are a lot of these $20, $50, $100 and $200 coins out there that will be coming home to roost. If the RCM isn't able to come up with a decent solution to allow collectors to cash these in at face value, it will be a black eye for them, and the hobby. In the future, I could see the RCM accepting these in trade for other new RCM products, rather than cash. |
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Pillar of the Community
Canada
2845 Posts |
I'm curious, has anyone ever asked their RCM rep or contacted RCM directly inquiring as to the process for redemption of X for X NCLT? Considering they are not legal tender issued by the Bank of Canada, it may be the case that banks have redeemed them in the past as a courtesy only because they are not agents of RCM. (However Canada Post is, just a thought...) |
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Pillar of the Community
Canada
849 Posts |
I have brought my extra 20 for 20, 50 for 50, 100 for 100, 200 for 200 coins to the Royal Bank and never had any issues exchanging them for $$$ instantly. Biggest deposit being $800.
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Valued Member
United States
214 Posts |
If I lived in Canada I would be asking my bank, every time I cashed a check or made a withdrawal, if they had any five dollar or larger coins, and be requesting payment in five dollar or larger coins rather than fiat bank notes.
All the Canadian NCLT coins appear to have some PM in them, and the regular circulating coins are just plated steel. The NCLT coins have greater collector potential, and if the banks know that there are people willing to take them, they will be more willing to accept them and turn them over to people who prefer PM currency over fiat.
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Pillar of the Community
Canada
6768 Posts |
Quote:I'm curious, has anyone ever asked their RCM rep or contacted RCM directly inquiring as to the process for redemption of X for X NCLT? Contacted the rep, he said: Give me the manager mail id, I will send the instructions, you just bring the coins to your branch. This is what I did and they where taken and deposited directly to account / or cash. In the system appears "deposit". |
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Pillar of the Community
Canada
1118 Posts |
I didn't read 15 pages of posts but hasn't this been cleared up a looong time ago with the Montreal Olympic coins?
I have spent $20 coins before, I down right love doing it.
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Pillar of the Community
Canada
2845 Posts |
Quote: Hello Everybody: I come back here after I deposited $7295 coins in CIBC bank on July 27, 2015. I have to tell you a bad news. CIBC is still holding my money. They said they would release it on Aug. 27, 2015, but they didn't. I asked the bank manager. She told me even worse message. I copied part of her email: -------------------------------------- I will be contacting Royal Mint as to why this is taking too long. At the same time, I don't think that we will be able to accept the additional coins as our department no longer accepts them. We only discovered this after we took another batch of coins from another client, and they refused to accept them. I will call you once I speak to them. Thank you for your patience. -------------------------------------- It was qinzhi's post that began the latest round of discussion. Considering the Bank of Canada has implemented security features on even our lowly Loonie I think it's only a matter of time for the larger denominations of X for X such as $100 or $200 to become a counterfeiter's favoured route to riches. The above post indicates that may already be happening. |
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Pillar of the Community
Canada
5324 Posts |
Just look and listen to the bugs bunny coin where the RCM boldly guarantees face value plus the CCN article a few months ago where Mr. Reeves announced new procedures for banks to accept, I say again I can't believe a bank will chance alienating a good customer over a few hundred or 1000.00 deposit of these coins. |
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Valued Member
Canada
234 Posts |
The bank I brought a bunch of the $200 coins to wasn't willing to accept them at first for a variety of reasons. The first time I was told that the coin is worth more if I were to bring it to a coin shop. After insisting that it really wasn't worth anything more since anyone could still buy them for $200 from the mint I was told they still couldn't accept the coins because they contained silver. It was only after I showed them the Numismatic Coin Redemption Policy (which I can't seem to find on the RCM website but had someone email it to me) that they finally accepted them and then told me that I am more than welcome to come by again and trade in anything else and I will have no troubles in the future. I believe their attitude changed when they actually read the policy and realized that the RCM reimburses the bank face value + 2% (if the bank makes money they are always interested). If anyone wants to bring these coins in to a bank you can send me a PM and I will forward you the policy that I was emailed. It definitely helped to have a printed copy when trying to cash these coins in. |
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Pillar of the Community
Canada
2984 Posts |
Quote:In the future, I could see the RCM accepting these in trade for other new RCM products, rather than cash. They already do that in Mint Stores. You can't get cash but you get trade in value at Mint Stores. The only problem there are only a few of them around the country. I can't see them doing that online as the cost of handling such transactions would be prohibitive |
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Pillar of the Community
Canada
5324 Posts |
So there it is a fee of 2%, the banks barely pays 1% for deposits and instantly makes 2% redeeming, I guess that's how you make 2 billion every 90 days.
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Pillar of the Community
Canada
640 Posts |
Vancouver Mint Boutique already sets limit on how many a customsr can trade on face value couns. THREE pieces. Either 3 pcs $100, 3pcs $20 or combination. Also RBC ( Vancouver main branch ) sets limit on deposit face value coins. $500 per customer per account ( not by year but by PER ACCOUNT ) RCM's face value coins are doomed. |
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Replies: 514 / Views: 78,828 |
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Posted 09/09/2015 11:35 pm
