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 Replies: 514 / Views: 78,751 |
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Pillar of the Community
555 Posts |
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Pillar of the Community
Canada
3692 Posts |
False advertising is right.
This is another reason I try to stay away from ASEs, Maples, etc, and try my best (depending on availability) to buy Libertads, older Philmarmonics, and bars. I was pretty disappointed when my dad bought me the 1st $20 for $20 when it came out. I tried to tell him that it's only worth a quarter ounce of silver and he just did not understand. People need better education on economics and civics. TV would be a great help to society if only it wasn't used for making money and brainwashing people young and old.
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Pillar of the Community
Canada
1189 Posts |
@Libertad, agree with you.
From now on I should think twice or thrice before making a decision which NCLT coin to buy. I should slowly switch to bullion and bar.
My first bullion coins are 2012 china Panda and Canada Moose. :)
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Valued Member
Canada
315 Posts |
Quote:
I was pretty disappointed when my dad bought me the 1st $20 for $20 when it came out. I tried to tell him that it's only worth a quarter ounce of silver and he just did not understand. People need better education on economics and civics. So you are pretty disappointed if you can sell 20-for-20 Maple for $35-40 but supposedly cannot redeem it for $20 at store? People are different: my only disappointment in this case is that I missed that Maples and will have just 3 of them at $28.95 Edited by unclekim
07/06/2012 4:46 pm
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Pillar of the Community
United States
2408 Posts |
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I was pretty disappointed when my dad bought me the 1st $20 for $20 when it came out. I tried to tell him that it's only worth a quarter ounce of silver and he just did not understand. People need better education on economics and civics. FYI - as it turns out, they sell for more than $20 on ebay. In most people's mind, that means they are worth a little bit more than a quarter oz of silver... Education and civics? |
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Pillar of the Community
Canada
838 Posts |
dialog_gvf: I chuckled at your comments on silver vs. fiat money, but quickly the expression on my face turned to "oh no". When specialized silver -- albeit overvalued silver -- "legal tender" effectively needs the backing of paper, we are upside down and headed for big trouble.
Banks and other businesses are hiring hundreds of Canadian kids every day, most of whom have no clue about the details of our currency beyond what a child knows.
The currency act be damned: if the people who are in control don't understand it, then it really has no authority.
I hate to over-dramatize it, but we are essentially witnessing the unfolding of monetary anarchy.
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Pillar of the Community
Canada
1502 Posts |
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I was pretty disappointed when my dad bought me the 1st $20 for $20 when it came out. I tried to tell him that it's only worth a quarter ounce of silver and he just did not understand. People need better education on economics and civics. It is a limited mintage silver coin I can afford to purchase and later sell at a higher value than I bought for. For that reason alone, it's worth it. The fact that I like the design on most of the 20 for 20 coins is a bonus. If silver content is the only thing with which to measure the value of coins, well, NCLT and Numismatics really isn't the right place to start a hobby. |
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Pillar of the Community
Canada
3692 Posts |
The seignorage for minting should be 200%, realistically. To buy the metal, create the design then the dies, polish the dies, and pump them out... Whatever way you try to justify it, it's still silver for 4x what it's actually "supposed" to be worth. The RCM is really milking it and pretty soon they're going to wonder why they don't have new customers in the future and they'll have to rely on novelty coins like plastic bugs and Swarovski crystals. IMHO, that $20 for $20 is worth around $7-9 on a good day. I would never pay $30+ the way it's described here. Even $20 is pushing it, because as the banks have demonstrated the face value of any coin is a joke, and not the ha-ha kind but the muahahahahaha kind. |
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Pillar of the Community
Canada
598 Posts |
Quote:Ok. Let's have an example so people will easy to understand. Ex: I buy an 1 oz pure gold coin with face vulue is $300. Of cousre the price is more higher than the 1oz melt value. One year later, I need quick money. I trade it to deal or bank for some cash. Question: * Do I get money that equal to the face value ($300) + 1oz gold at that time? * or just the melt value 1 oz only? * If bank paid for melt value only? then why RCM put high "face value" on coins to charge much more the real melt value of a coin? * Or RCM have some location that collector can redeem their coins? Please help made this clear. Thanks All! :) BiBo * Banks deal with currency and typically do not purchase bullion. Your coin ~ should be worth $300. No coin is redeemable for bullion + face value. * If you want melt value go to a bullion dealer, not a bank. * Before the $20 for $20 silver series, ~ bullion coins had a face value less than their bullion value. *Check out the RCM boutiques to redeem your NCLT... or you can sell here at face or not. ~ < This indicates points of concern within this and other similar posts.  >>> edit >>> because I was a little turned around.  Edited by IBGolden
07/06/2012 9:18 pm
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Pillar of the Community
United States
2408 Posts |
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IMHO, that $20 for $20 is worth around $7-9 on a good day. I would never pay $30+ the way it's described here. Even $20 is pushing it, because as the banks have demonstrated the face value of any coin is a joke, and not the ha-ha kind but the muahahahahaha kind. For now at least, $20 for $20 are still "worth" well over $7-9. There is really no argument to be had there.... Unless you want the muahahahah kind of argument from your dad (who certainly had good intentions BTW). |
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Pillar of the Community
Canada
1502 Posts |
@Libertad: By the same token then artwork is just paint on paper and worth only pennies irregardless if it's an original Rembrandt, limited Monet print, or a 2-year-old's doodle. Unfair comparison I know, but so is mixing bullion with collectible coinage.
With the 20 for 20 we're obviously not talking about mass produced bullion coins or home poured bars or <90% junk silver. We're talking about a Collectible NCLT that happens to be made from 1/4oz of silver. Suckered by a marketing ploy or not, those who bought the coin at $20 made a terrific investment because the coin is now sold for at least $28. Yes, interest may or may not ween in the future. But spot silver also may or may not rise.
In fact, slver was near if not over $40/oz when the first 20 to 20 came out. The same coin, 1/4oz silver or not, still sells for 40% over issue price while silver fell more than 25%. Again though, 2 different worlds these are.
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Pillar of the Community
Canada
598 Posts |
I posted this in the main forum because there's a topic there discussing an RCM announcement on NCLT, and I feel ever so clever. VVV https://goccf.com/t/123347Regarding the $20 for $20 silver coin series... What happens if I try to buy the next coin in the series with a previous coin from the series...  |
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Valued Member
Canada
451 Posts |
Money itself is a joke. When you make purchases, it should be in ounces of silver or gold. International currency.
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Pillar of the Community
United States
2408 Posts |
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When you make purchases, it should be in ounces of silver or gold. International currency. What about platinum? Copper, nickel, Silicon? Livestock or wheat maybe? Question: So what is the international currency? |
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Valued Member
Canada
396 Posts |
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What happens if I try to buy the next coin in the series with a previous coin from the series... Shenanigan! |
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Replies: 514 / Views: 78,751 |
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Posted 07/06/2012 3:13 pm
