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 Replies: 587 / Views: 65,045 |
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Pillar of the Community
Canada
593 Posts |
If you take a 1oz $5 dollar silver maple leaf to the bank do you expect $5 dollar or at least the price of silver which is around $24.I have a hard time believing if you take a 20for 20,or a $100for100 to the bank you'll get $20 or $100 for your coin.If the government tells me it's worth $20or$100 then i'll believe it.I think the value they put on the coin is worthless.
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Valued Member
Canada
373 Posts |
But the government is telling you the coin is worth 20 or 100. I don't understand.
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Pillar of the Community
Canada
593 Posts |
I know the mint is the government,what I'm saying is even if it's mark $100 doesn't mean nothing.If you try to buy something at sears or anywhere with your'e $100 coin
good luck,if you give them a $100 bill no problem.
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Pillar of the Community
Canada
815 Posts |
Along those lines, let's say silver dropped to $2/oz, would banks HAVE to take silver maples at $5+ea?
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Pillar of the Community
Canada
593 Posts |
If someone finds a $20for$20 in there pocket change and buys a large cafe at TIM HORTON and get change back let me know.
GO LEAFS GO.
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Valued Member
Canada
315 Posts |
yeah, right, and if my local corner store refuses to take $100 bill then it's not a money either.
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Pillar of the Community
Canada
6768 Posts |
The fact that vending machines in the subway do not accept $5 bill (am I correct, or these days already passed?), doesn't reduce the $5 bill value or makes it less "circulating".
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Pillar of the Community
Canada
867 Posts |
I'd probably buy a $100 for a $100 if I liked the coin's design, but as a collectible.
I doubt if I would ever try to spend it like regular cash. However if I did, I think I would have to reinforce my pants pockets before going shopping.
GO HABS GO!
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Pillar of the Community
Canada
593 Posts |
Well that's my story and I'm sticking to it,btw I'm really a HABS FAN.  |
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Pillar of the Community
Canada
593 Posts |
Forgot to mention I will buy one.
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Valued Member
Canada
110 Posts |
LOL you guys hate now, but will be looking for it once its sold out :). From the info I have, its likely not going to be coordinated with the next release of RCM coins, na dlike the wolf will have its own release date |
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Valued Member
Canada
430 Posts |
Actually, when silver prices were around $5 per ounce in 2003, the Royal Bank called me to say that a customer redeemed 2 $5 1oz silver maples leaf coins. They accepted them, and before they were going to ship them out to Toronto, they called me if I was interested in them. Of course, I paid face value.
The silver value in the Montreal Olympic coins were far less than the FV. There was an agreement at that time about 14 years ago for the Royal Bank to accept them at face value.
Edited by Coinsplus
04/26/2013 9:04 pm
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Pillar of the Community
Canada
862 Posts |
I did some homework long time ago, here is what I found: Quote:for your night reading: http://laws-lois.justice.gc.ca/eng/acts/C-52/7. (1) A coin is current for the amount of its denomination in the currency of Canada if it was issued under the authority of (a) the Royal Canadian Mint Act; ... 8. (1) Subject to this section, a tender of payment of money is a legal tender if it is made (a) in coins that are current under section 7; the following applies to 20 for 20: (2.1) In the case of coins of a denomination greater than ten dollars, a payment referred to in subsection (1) may consist of not more than one coin, and the payment is a legal tender for no more than the value of a single coin of that denomination. "Legal tender" must be accepted for payment of a debt, but not, for any other reason. This is why shops can refuse certain denominations if they want; there is no debt to be paid. Restaurants where you pay after the meal, on the other hand, would have to accept this coin as payment. http://laws-lois.justice.gc.ca/eng/...9/index.html2. In this Act, "non-circulation coin" means a coin composed of base metal, precious metal or any combination of those metals that is not intended for circulation and that is listed in Part 1 of the schedule; my understanding not intended doesn't mean cannot, right? |
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Pillar of the Community
Canada
593 Posts |
@ SilverBug.....Thanks for the info.
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Valued Member
Canada
242 Posts |
guess ill have to spend 100$ in the near futur
go BOSTON go
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Replies: 587 / Views: 65,045 |
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Posted 04/26/2013 2:28 pm
