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

I fully understand that the RCM does not pass laws. Lol. With that being said, if the government knew that every $x for $x coin issued since 2011 would be cashed in starting in the new year, I bet there'd be a darn hurry to pass a law similar to UK.
It would cripple the RCM beyond any foreseeable repair.

Writing a cheque is essentially giving someone authorization to request funds from your back account, which your bank, being the one who issued the cheques complies with. I simple exchanged my coins for bills. I'm not sure how the reference to cheques compares.

True, the banks do have an agreement with the RCM. Again, using the bag of sand reference, no agreement can to be made between banks and the RCM regarding this items. The reason? It is not legal tender.
Banks also have "agreements", for lack of the correct legal term, to turn in silver/nickel dollars, 50 cent pieces and $1000 bills and I'm sure other currency. All of which are also legal tender. If the government said all banks had to accept NCLT or that none of them should, banks would abide. No one is going to re-write the law to include these coins anytime soon unless in becomes a big expense the RCM or other government agency. If $x for $x got passed around like bills, they'd have to stop making them. The mint does not want them back, anymore than the guy taking them to the bank.

Sure, plenty of people have been refused goods or services when trying to use these for pizza or gas, and rightfully so. I would refuse them too if I didn't collect coins. No one knows about NCLT coins unless they want to. The right to refuse legal tender by establishments or people is in law to protect them from counterfeits and for other reasons I'm sure. The limitations on denominations that can be used is also there for the protection of the merchant. Imagine if everyone in the Tim Hortons drive through paid with nickels. I'd certainly be going to a different coffee shop.
My theory is if I....
1) learn the rules,
2) fully understand the rules,
3) play by the rules,
4) test the rules,
I can expect what I expect with no surprises.
1) The mint said its legal tender. I looked into what that meant.
2) I found reading the law to be, well, reading law. Many nooks and crannies for little loop holes, buts, ifs, ands, etc. I concentrated on the specific area of NCLT and worked outward.
3) I did what the mint said about redeeming them.
4) it worked.
How is this not legal tender again?

RCM will make money when people say, "I didn't know they made that", and look into other cool coins they sell. If they can't get cashed in, you'd might as well buy sunshine rounds as gifts.

There has been too many of them made for people to not cash them. I lost interest in the series once there were too many of them with commercialized designs. Bugs bunny, superman, etc., killed it for me. As a result, I decided to try to sell them first, in order to fund coin I am currently interested in. That failed. Even some coin shops wouldn't take them at face value. There's just way too many of them out there. The bank was the last resort. I encourage the series as it does spark an interest in the hobby among new collectors. But I doubt anyone who's been collecting long will put any of the $x for $x in their top picks for design.

There's no way for us to know how many have been cashed so far because RCM buries the total cost incurred within their expense lines. But certainly they know of what's been issued since 2011, how much is the exact volume still outstanding of each issue, where the greatest redemption risk lies, and then proceed accordingly. For example, on a percentage basis possibly fewer $200 for $200 are estimated to be redeemed so they chose to resurrect the $200 as part of a strategic plan to offset loses for redemptions of lower past denominations?




Possibly a key consideration. I noticed various issues of $100 for $100 for sale on Franklin Mint's website at quite a markup, if I recall correctly at about $180 USD.

I don't know the average rate of employee turnover at RCM. However noticing the various Director roles that it has currently posted in the area of finance, analytics and risk management, I wonder if there's been a bit of a recent inhouse shakeup? Either that or RCM has recognized it's corporate structure needed strengthening.

http://www.mint.ca/store/mint/about...tawa-1400018

My understanding is that you CAN redeem them at the mint boutiques, but only towards other merchandise (ie pay for another coin with x/for/x)... But, Not for cash.

Although the RCM has marketed these risk free, they simply do not want them to be cashed in.
They've shot themselves in the foot by stating that it's up to the bank/store/individual whether or not they will accept them as payment. It kind of forces them to take them on purchases at the boutiques but certainly does not require them to make straight trades for bills. And I fully expect them to also follow the limitations for redeeming these coins. For example, I doubt they would allow buying a silver kg coin and paying for it with only $20 for $20s.
As long as the laws remain the same, the RCM will play by the rules, probably following the law to a T.