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 Replies: 587 / Views: 65,059 |
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Pillar of the Community
United States
1002 Posts |
One could send them to the Canada Revenue Agency as an installment payment on your income taxes and then deposit the refund you receive back (or reduce the amount you have to pay) once you file your return.
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Pillar of the Community
United States
2764 Posts |
There you go, canuck1us just nailed it.
Since Legal Tender is intended to pay DEBT (public and/or private). You can always pay your mortgage/taxes with these coins. Let say you are making a $1000 transaction and they add $100 tax to the bill, write them a $1000 check + the $100 coin for the tax..... hahahaha.
I can't do that here w/ Canadian LT coins though...... may be when I travel to Vancouver or Toronto.
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Pillar of the Community
Canada
590 Posts |
I don't think that's right. According to the mint web site: Quote:
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. I would like to see somebody send Rogers or Bell Some $20 for $20 coin the next time your bill is due. Good luck with that. |
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Valued Member
Canada
99 Posts |
This is so confusing, so much different information. The mint even says different things. lol
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Pillar of the Community
Canada
815 Posts |
Rogers/Bell would have to accept them or write tbe debt off.
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Pillar of the Community
Canada
590 Posts |
Quote:
Rogers/Bell would have to accept them or write tbe debt off. Is that speculation and conjecture or can you quote a law? From what I read they can refuse payment with NCLT coins. I think they will just send the coins back and chanre you interest on your bill. Want to take them to court, quote the law. This is the law as it exists now: http://laws-lois.justice.gc.ca/eng/...e-1.html#h-5 br / Quote:
(2) A payment in coins referred to in subsection (1) is a legal tender for no more than the following amounts for the following denominations of coins:
(a) forty dollars if the denomination is two dollars or greater but does not exceed ten dollars;
(b) twenty-five dollars if the denomination is one dollar;
(c) ten dollars if the denomination is ten cents or greater but less than one dollar;
(d) five dollars if the denomination is five cents; and
(e) twenty-five cents if the denomination is one cent.
(2.1) In the case of coins of a denomination greater than ten dollars, 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.
I read that as you can only use one coin over $10 per transaction, if they accept it at all and since its a NCLT coin they are not required to accept it. One more thing to remember the government can at anytime remove the legal status of any coin, thus making the $ for $ exchange series worthless. If silver goes down this will be the case. If silver goes up, nothing to worry about. |
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Pillar of the Community
Canada
815 Posts |
All legal tender is suitable for paymemt of debt.
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Pillar of the Community
Canada
4227 Posts |
It's not legal tender though, thanks to their own designation. This is argued about over and over and the bottom line is, until you're willing to go to court to challenge the nclt designation, the buyers of mint products believing they are legal tender will be out of luck.
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Valued Member
Canada
99 Posts |
But they are legal tender as NCLT stands for Non Circulating Legal Tender. The question really is should banks have to accept NCLT with no fees since it is a form of legal tender? It appears they will but for a huge wait so liquidity is an issue. As I stated before I find it most interesting that the mint won't allow exchanges seeing as how they marketed this. It is a great idea but I think some of the wording they are using is wrong and is messing with some people who aren't aware.
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Valued Member
Canada
121 Posts |
"One more thing to remember the government can at anytime remove the legal status of any coin, thus making the $ for $ exchange series worthless. If silver goes down this will be the case. If silver goes up, nothing to worry about." Has our government ever removed the legal status of any coin? Everyone please enjoy your NCLT $5 for $20 coin! Last year I took a $5 Maple and exchanged it for two pizzas from the Greek pizza guy a few blocks from my house. He saw it as worth $40 and I wanted to see if I could use it. He'd probably take more just to send them to his poor family in Greece and Cyprus. If the central bankers keep up their experiment silver should be anyone from $2 to $300 per oz in the next five years. Check out the CBC video and spin the roulette wheel! http://www.cbc.ca/player/News/World/ID/2382392338/ |
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Pillar of the Community
Canada
590 Posts |
Quote:
But they are legal tender as NCLT stands for Non Circulating Legal Tender You answered you own question. " NON CIRCULATING". That part alone means that people do not have to accept it a legal tender. These coins are not meant to be in circulation. If they can't circulate, you can't use them to pay debts. Thus they are legal tender but not money you can use on a daily basis. Good luck trying to pay any bills with them. |
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Pillar of the Community
United States
1002 Posts |
I would say that the "LEGAL TENDER" trumps the "NON CIRCULATING" part however subject to limits as was pointed out in ss 8-2.1 of the Currency Act.
Any of the coins from the proof-like, proof or specimen sets are NCLT as well, however I am confident that I could take quarters from 2010 Uncirculated sets and use them for payment as long as I didn't try to use more than forty of them.
They were not produced to be circulating. The payee likely wouldn't know the difference - but I think familiarity is a different issue.
Edited by canuck1us
05/02/2013 09:03 am
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Pillar of the Community
Canada
593 Posts |
I would like to use my BATEMAN silver coin as legal tender PLEASE.  |
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Pillar of the Community
United States
1002 Posts |
Quote:
I would like to use my BATEMAN silver coin as legal tender PLEASE. I'll be happy to give you a brand new $20 polymer bank note for it! |
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Pillar of the Community
Canada
593 Posts |
@canuck1us is the $20 worth $20  |
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Replies: 587 / Views: 65,059 |
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Posted 05/01/2013 4:48 pm
