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 Replies: 514 / Views: 78,758 |
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Valued Member
Canada
227 Posts |
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Valued Member
Canada
112 Posts |
I am very happy with $20 for $20 silver coins. I flipped a lot of them on the market, especially polar bear.
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New Member
Canada
19 Posts |
I don't understand why people keep in saying it's worth $7, that makes no sense at all. It's worth whatever someone is willing to pay for it. I want to smack the idiot who retired to cash in his coin at the bank when it's worth at least $25 on the market. The maples are going for $40 in some cases. This discussion about fiat currency is meaningless, I've made enough money flipping nclt this month to actually buy a few tubes of bullion, which I have.
Nclt coins were never meant to be legal tender, it's a work of art that's worth whatever the market dictates. You wouldn't measure a painting or sculpture's value based on the content of it's paper or material would you?
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Pillar of the Community
Canada
598 Posts |
Yeah, I agree with all that as being a collectable it's value will be what the market will bear... but, the RCM did make a point of saying over and over in different ads and such that the $20 for $20 series is legal tender... and now this announcement on the true nature of RCM NCLT. Personally, I couldn't care less and have been buying the series(though only 1 of the Queen's Jubillee) because of the interest/controversy... But, I must admit it has been quite an about face on this issue from the Mint, and quite interesting. I don't think I would ever be able to add anything of further significance on the very many pages on this issue, but will continue to read on... fascinating government, eh?...fascinating.   |
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Pillar of the Community
United States
2408 Posts |
^^^ Between 1990 and 2003 when silver was pretty much around $5 per oz, the $5 face value of the Silver Maple Leaf bullion was certainly perceived as a guaranteed minimum value (as I'm sure most people still believe).
So from that perspective, both being NCLT I'd say that the $20 for $20, with less silver and a higher guaranteed minimum is a better product. Based on recent transactions at least, despite silver taking a nose dive down to $27, we have not seen a $20 sell for less than $20.
The question is how much guarantee do we have to get at least $20 in the future. This is a valid question. It will be interesting to see what happens if silver keeps going down, and down below $20.
It would be ironic to find that Silver Maple Leafs sell for less than the $20 coin....
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Pillar of the Community
Canada
1581 Posts |
Quote:
It would be ironic to find that Silver Maple Leafs sell for less than the $20 coin
The Calgary Olympic $20 series, created when silver was still deflating from the Hunt brother's attempt to corner the silver market in late 1979/early 1980, managed to retain a resale value around $20 per coin despite silver being worth only $4 per toz. as recent as 2002. The Silver Maple was created in the time of depressed silver prices, and hence carries the $5 face value that was reasonable for the time. Perhaps it should be increased. So, not ironic. Merely an indication of latent trust in the face value. What we are discussing now is whether this trust is deserving. |
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Pillar of the Community
United States
2408 Posts |
@dialog - Your statements are factual and correct.
But in the context of our discussion here and in particular those comments regarding "value" I think it is very much ironic to find a 1/4 once $20 for $20 coin selling for more than a full once of silver (if considered of being equal in terms of NCLT/bullion).
UPDATE: Just looked at SML are selling for $27 here for those interested 10 left [eBayItem]290736249745[/eBayItem]
Edited by canadian_coins
07/07/2012 6:07 pm
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New Member
Canada
19 Posts |
I'm surprised anyone here thought the coin could be redeemed as legal tender at a bank. It's not really realistic. They have a hard enough time trying to spot counterfeit circulating currency, anyone could fake a coin. Do you really expect the banks to spend time and money training their tellers or implementing a system to familiarize themselves with all the NCLT coins that the mint decides to put out? If you show up at the bank, do you expect the staff to stop all their work and Google the coin to make sure it's real or something? It makes no sense. I'm sure if you contact RCM they will be more than happy to somehow exchange your coin for $20. |
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Pillar of the Community
Canada
1581 Posts |
Well, it is only ironic if you argue based solely on bullion content. But, then all NCLT is ridiculously overpriced based on metal content alone. They made 23 million SML last year. It's a repeating design. They make 250K of the $20 for $20. It's a new design each time. And since mint.ca doesn't sell bullion, only collector coins, clearly the $20 for $20 are in the latter camp. But, the $20 for $20 is like seigniorage silver coinage of old, where the face value is well above the bullion value. Hence, we can seriously talk about the legal tender aspect and how the face value should mean something. And, let's face it, the advertising slogan "$20 for $20" is a complete LIE if the coin does not have a TRUE legal tender value of $20. It's like any other NCLT coin: A collector coin for $20. There are laws against misleading advertising in Canada. And this is very serious. "Red Bull gives you wiiings" in Canada (seriously). |
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Pillar of the Community
 Canada
590 Posts |
Quote:
I think it is very much ironic to find a 1/4 once $20 for $20 coin selling for more than a full once of silver Apples to oranges, bullion is made in the millions of units and is no more rare than circulation currency. More rare bullion such as the timber wolf sells for double the PM value. SO your point is not valid. Quote:
I'm surprised anyone here thought the coin could be redeemed as legal tender at a bank. It's not really realistic. Totally realistic. That's how the coin was originally advertised. Quote:
This new Canadian silver commemorative coin is legal tender with a value of $20. It is available for the official price of only $20. You simply exchange $20 from your wallet for a $20 coin of pure 99.99% silver. http://www.mint.ca/store/product/pr...=prod1040001The appeal of this was that you could not loose money on this coin, it was always worth a minimum of $20 regardless of whether silver went up or down. |
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Pillar of the Community
United States
2408 Posts |
^^^^ I know the difference between bullion and other RCM products and also know why certain things may be more valuable than others... Not my point at all. You misunderstood. It does show that $7 worth of silver can be of considerable value (excluding banks of course). |
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Pillar of the Community
Canada
590 Posts |
Quote:
It does show that $7 worth of silver can be of considerable value (excluding banks of course). We do this everyday. Most of our currency we use is worth more than the material its made from. Did you really expect the mint to issue a $20 coin worth $20 worth of silver? The SML has a face value of $5.00 but is sold for its PM value. It is very rare to find a NCLT coin that is worth considerably more than its PM value. Also the banks said they would exchange the coin for cash so in the end this really just a stunt to prove something. Interesting conversation. I never in my mind ever considered NCLT coins money. I have heard stories of old folks not in the correct state of mind taking silver dollars to buy stuff. But I can never imagine someone in a good state of mind trying to spend a NCLT coin. |
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Pillar of the Community
United States
2408 Posts |
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But I can never imagine someone in a good state of mind trying to spend a NCLT coin. Remember the 1976 Silver olympic coins? |
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Pillar of the Community
Canada
516 Posts |
If listing price is twenty dollars you can easily sell it on ebay for $20 but if banks don't accept them I think the mint isn't describing the coin right. 20 for 20 sounds like you buy a coin for twenty dollars and you can exchange it for the face value of it which is twenty dollars. |
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Pillar of the Community
555 Posts |
Class action lawsuit. I'm in, let's get those gubermint scaliwags.
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Replies: 514 / Views: 78,758 |
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Posted 07/07/2012 11:57 am
