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 Replies: 587 / Views: 65,034 |
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Valued Member
Canada
373 Posts |
still worth $100... until hyper inflation hits, won't matter much.
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Pillar of the Community
Canada
1505 Posts |
my understanding is that banks will take them back, it just might require that the coin is sent to RCM for verification and it can take a long time do so. The article silveroid posted, suggests it takes upwards of 6 months. So if you are looking for a quick conversion, probably not a good store of value. |
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Pillar of the Community
Canada
1528 Posts |
people said the same thing about $20 for $20 and those alway sold out... The same people would point out that the silver content in the $20 for $20 coin is not equivalent to $20. Well look at previous releases of the $20 for $20 coins, most if not all have a higher selling value. The $20 for $20 maple leaf is almost double its value as most people are selling them for around $40
Edited by Lostwords
04/25/2013 4:19 pm
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Pillar of the Community
Canada
6768 Posts |
One of the factors of the popularity of the first 20for20 - less people were aware of it. Since it became series - people on the different stages (2-nd, 3-rd... coins) were exposed to all series and wanted to own all the coins, while the first was less available. IMO, if the 100for100 will be even mini series, it will keep some premium (specially the 1-st), but will not repeat success (in terms of resale) as first 20for20. Still, it will be first 100for100 by RCM - why not to add to collection. |
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Pillar of the Community
United States
1002 Posts |
I will likely add one but I suspect they will not be as popular simply because of the higher denomination.
In paper banknote collecting, there are fewer collectors of $100 and very few people that collect $1000 bills. It is more money to tie up in one item and they tend to provide a lower percentage return. Easier to sell five of the first 20 for 20's for $40, than one 100 for 100 for $200.
Then again, coin collecting can't be compared directly and people are willing to spend $100 for a one oz. coin of silver with a $20 or $25 face value. I think the design and visual appeal will play a bigger part in this one.
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Pillar of the Community
Canada
815 Posts |
The $20 for $20 was a hit due to the PERCEPTION that they can be spent like a $20 bill. The mint used the series to colonize the general public, creating new collectors, who they then marketed the absurd Oh Canada series to.
A $100 for $100 will be a tougher sale, because of the higher denomination, and and the non-liquidity. These will not be popular with dalers, as the markup will have to be so low, and the public is not enthusiastic about paying more than face value.
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Pillar of the Community
Australia
7096 Posts |
Why doesn't the RCM simply issue a silver $100 dollar coin for general circulation. That way there would be absolutely NO doubt about its standing as a legal tender coin  |
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Pillar of the Community
Canada
815 Posts |
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Pillar of the Community
Canada
548 Posts |
Does any country have such a valuable circulating coin?
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Pillar of the Community
Canada
2124 Posts |
Quote:
purelywasted
At least it won't be like many of the NCLT products that have a face value less than $20 with a purchase price of $80+. We often see them on the market below issue. I don't think that coins have a market price below issue due to the face value. If the face value were $40, that would change the market price? I find the face value of NCLT just symbolic. |
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Pillar of the Community
Canada
516 Posts |
If this is released I think it will be a fail. I disagree with how financial institutions don't have to accept legal tender. What is the point of putting a value on something if you cannot use it unless you are in the Mint's shop. Sounds like Mint play money.
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Valued Member
Canada
430 Posts |
Here is an excerpt from the Mint's website FAQ:
Can I redeem a collector coin at a bank or use it as currency to purchase goods or services?
All coins manufactured by the Mint are legal tender. However, unlike Canadian circulation coins, collector coins are non-circulating legal tender (NCLT). As such, these coins are not intended for daily commercial transactions and accepting them as payment or for redemption is at the discretion of businesses and financial institutions.
The Mint has a process in place to reimburse financial institutions the face value of redeemed NCLT coins, once they have accepted them from a customer and returned them to the Mint. In the event a bank branch is unaware of this procedure, customers are advised to contact the Mint with the coordinates of the bank branch, which will take steps to inform the branch of the redemption process.
As collector coins can only be redeemed at face value by businesses and financial institutions willing to accept them, it is recommended that individuals wishing to sell a collector coin first consult with a coin dealer, who is more likely to offer a price above face value.
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Valued Member
Canada
69 Posts |
Quote:
I disagree with how financial institutions don't have to accept legal tender. What is the point of putting a value on something if you cannot use it unless you are in the Mint's shop. Sounds like Mint play money. It's simple, if the Mint produces something, they have to put a face value on it, they are a mint. That doesn't mean that if you walk up to a teller with something they have never seen before, they won't think you have a fake. We know these coins since we are interested in them, if you go to someone who has never looked at the Royal Canadian Mint website with a piece of metal with the queens face and a $ on it, it doesn't mean they know what it is. |
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Pillar of the Community
Canada
516 Posts |
@Coinsplus - In this case I doubt they will over more than face value. Well if I got to a branch and they are unaware, I guess I will contact the Mint and tell them to inform them. I'll go to the bank which I hate the most. XD
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Valued Member
Canada
451 Posts |
The only lure to this coin is that it has a $100 face value. Not many people can get a $100 face value coin for $100. Other than that, I am not optimistic about this.
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Replies: 587 / Views: 65,034 |
First Page
Posted 04/25/2013 3:17 pm
