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

I have had a 20.00 1976 series bill refused at a METRO grocery store because the clerk was too young to recognize it as a good bill. We all agree that taking an nclt or 20 for 20 coin to make a everyday purchase is foolish and probably refused almost everywhere, if you are tired of the 20 for 20 coin, just deposit it into your branch of the bank that you deal with. They certainly will not disappoint a long term customer over 200 or 300 dollars that the RCM will compensate them anyways

If the Mint pays the bank back when $20 for $20's are returned, I wonder how it reflects the Mint's budget in the future if they have to start paying back thousands of banks. The Mint has a few million of these $20 for $20's out there. Imagine if everyone returned their $20 for $20's? I can see the $20 for $20 becoming a liability for the Mint in the future. I hope this doesn't change any laws regarding their legal tender. I can see the Mint backing out of backing their face value if the returns increase.

Anjohl: What you are saying is nothing new. We ALL already knew that NCLT are not guaranteed to be taken by the banks because that is very clear stated at the RCM web site however many banks take them and anyway they ARE legal tender.

And one more thing. If you do business with a Bank branch and they don't take your coins, you should do business elsewhere.
If I'm the branch manager and my customer have credit cards with us, saving account, loans, investments, etc, etc and I refuse his coins, I would be a fool. And if you find a couple of fool managers, do business elsewhere. They are plenty of Banks branchs to do business with.

Canadian_coins said: "There is really no resemblance to circulation denominations (past or present) anymore."

Especially the 'Bedazzled' coins. I can appreciate the enameled poppies, and the coloured rings of the Olympic coins, even the hologram coins are quite nice, but when they started putting crystals on coins - that's when it crossed the line from coin collecting to 'granny bait' & trinkets instead of coins.....That's when all this nonsense started - IMHO.

On that note... did you hear that the gold medals at Sochi have a fragment of the Meteor that fell to Earth in Russia last year?

The medals are separate and supplementary to the regular gold medals the athletes will receive (ie. they get two medals).

This from Wikipedia read more here: http://en.wikipedia.org/wiki/Legal_tender
Canada[edit]
In general, Canadian dollar banknotes issued by the Bank of Canada and coins issued under the authority of the Royal Canadian Mint Act are legal tender in Canada. However, commercial transactions may legally be settled in any manner agreed by the parties involved with the transactions. For example, convenience stores may refuse $100 bank notes if they feel that would put them at risk of being counterfeit victims; however, official policy suggests that the retailers should evaluate the impact of that approach. In the case that no mutually acceptable form of payment can be found for the tender, the parties involved should seek legal advice.[9]
As outlined in the Currency Act, there is a limit to the value of a transaction for which you can use only coins.[10] A payment in coins is a legal tender for no more than the following amounts for the following denominations of coins:
forty dollars if the denomination is two dollars or greater but does not exceed ten dollars;
twenty-five dollars if the denomination is one dollar;
ten dollars if the denomination is ten cents or greater but less than one dollar;
five dollars if the denomination is five cents; and
twenty-five cents if the denomination is one cent.
In the case of coins of a denomination greater than ten dollars, a payment is a legal tender for no more than the value of a single coin of that denomination.

But of course, the definition of "Legal Tender" has to bearing on the mints seniorage scam, since NCLT coins are not required to be taken by anyone accept mint boutiques in trade towards other product, for their face value only.