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 Replies: 105 / Views: 14,439 |
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Pillar of the Community
Canada
3692 Posts |
Anjohl, your plan would make sense if you used Newfoundland coinage from the 1940s. You should do it. Hey if you ever want to pay me with Upper Canada bank tokens you're free to do so.
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Pillar of the Community
Canada
3049 Posts |
Did someone say newfie coins!!?
Awww heck... tell me the book.. I'll buy it... and charge you half of what the CAD price is if you pay in Newfie .925 coinage... Deal?
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Pillar of the Community
 Canada
1980 Posts |
@NewCollector99 you see another point you didn't know was I tried to explain to the manager but she didn't care and before I was finished my sentence she already had her hand up walking away saying "take it up with corporate" with a real snotty attitude I felt was uncalled for, all I tried to do was tell her they were not fake,
if she would have listened to me and then made her decision weather or not to accept them that would have been fine! but it was the ignorance and attitude
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Pillar of the Community
Canada
1980 Posts |
because if you think about it she was accusing me of spending counterfeit money without any proof
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Pillar of the Community
Canada
838 Posts |
I think this "adventure" proves one thing: Fair market value of Canadian currency can be *less* than face value. Guess what? The cashiers at Dollarama, the bank tellers, and similar employees all over the nation effectively make the market. If they don't want 'em, you are out of luck. Supply trumps demand here. In nearly all cases, we are used to our collectible coins being worth more than face. But in rare cases, holding coins is actually a risk. Beware young collectors: this is going to become a serious (fatal) problem we will face as a hobby once coins themselves get used less and less frequently over the coming decades. In Florida, I was offered the chance to buy a whole bunch of old Canadian paper money at less than face. I declined. It is a risk not knowing the details of Counterfeit Detection, and also being limited where I could ultimately "spend" this money. |
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Bedrock of the Community
United Kingdom
17964 Posts |
Quote:
But in rare cases, holding coins is actually a risk That has certainly proved true for some pre-Euro coins and banknotes. I recently bought a Banque de France 500-franc note with the portrait of Pascal for £3 - when they were in circulation their face value was around £50... At least with Bank of England notes, you know that you can always redeem them for face value, even when they are officially demonetised! |
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Pillar of the Community
United States
998 Posts |
Lets look at it from the clerks point of view:
She doesn't recognize the more obscure coins and currency, they are rarely seen by most people. She is under no obligation of accepting them and it is not her responsibility to know whether they are real or not.
If you go into a store to buy a TV and want to pay with a thousand loose Loonie's the TV store can tell you no, bring in $50 and $100 bills only.
Just because they may be Legal Tender does not mean they need to be accepted in all circumstances. The store is well within their rights to tell you no, you are welcome to take your business elsewhere.
If you persist in bothering them with this they can ask you to leave and then have you arrested for trespass if you return or stay.
My advice is that if you want to persist in this crusade be sure to have enough "real money" to post for bail so you can get out of jail. Remember that the police or courts do not need to accept your obscure coins and bills either.
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Valued Member
Canada
147 Posts |
The nickel dollar is, unfortunately, not legal tender. It takes a bit of digging through the Currency Act and the Royal Canadian Mint Act, but you can find a list of current circulating coins here: http://is.gd/NS9jeV. Quote:
2. A one dollar coin of which
(a) the composition is bronze plated nickel;
(b) the standard weight is 7.0 grams; and
(c) the margin of tolerance with respect to weight is 21.38 grams per kilogram of 143 pieces.
2.1 A one dollar coin of which
(a) the composition is brass plated nickel;
(b) the standard weight is 7.0 grams; and
(c) the margin of tolerance with respect to weight is ±21.38 grams per kilogram of 143 pieces.
2.2 A one dollar coin of which
(a) the composition is multi-ply brass-plated steel;
(b) the standard weight is 6.27 grams; and
(c) the margin of tolerance with respect to weight is ±30.4 grams per kilogram of 160 pieces. Coins matching the composition of those listed in the Schedule are considered current legal tender -- and those listed are only those matching the loonie. However, they do list the composition of all 1968 to date fifty cent pieces. The banks are supposed to take those. I have yet to find out why some banks say they won't take them. Technically, the Mint does not issue them for circulation, being available in Mint sets and Mint rolls. Either way, this is also the reason why businesses and banks are not required to take NCLT coinage. The only reason a bank would because the precious metal content or additional value is greater than that of the face value. |
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Moderator
 Canada
10458 Posts |
Wrong. Don't confuse the Royal Canadian Mint Act and the production of current circulation currency, with demonatization of currency. All Canadian coins, including provincial coinage of Canada, NFLD, etc., are still considered legal tender in Canada, under section 7b of the Currency Act. Nickel dollars are legal tender, providing you follow section 8b of the Currency Act, and limited to 25 coins. I deposit them at my bank quite frequently. "Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
Edited by SPP-Ottawa
04/15/2014 2:20 pm
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Valued Member
Canada
147 Posts |
Except Section 7. specifically refers to coins that are current and under the authority of the Royal Canadian Mint Act. The Royal Canadian Mint Act then lists circulation coins as those listed in Part 2 of the Schedule (e.g. the excerpt I posted above). Your bank is free to accept nickel dollars if they choose, but no entity is by any means legally required to accept them anymore. Mind you, I am not a lawyer. I could very well be wrong, I'm only speaking as that of someone who knows how to look things up on a website. Edited by Universalcoins
04/15/2014 2:48 pm
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Moderator
Canada
10458 Posts |
Other than the 1976 Olympic $5 and $10 coins (which are worth more in silver content anyway), no currency in Canada has been officially demonetized. Although, some banks would still accept the Montreal Olympic coins.
Roll up your sleeves and keep reading. Accepting any form of currency as a business transaction, including a bank deposit, is much different than paying a debt using legal tender. For transactions, method of payment has to be mutually agreed upon by the parties involved with the transactions and even legal tender can be rejected (e.g., stores refusing to accept $100 bills or rolls of nickels).
"Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
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Pillar of the Community
Canada
815 Posts |
It's not dumb at all. Chapters has US and Canadian stores. They are willing to sell Book A in Michigan for the US price, so why will they not sell that same book in Toronto for the US price? If they insist that their Canadian business operations are more expensive, I will then whip out my US dollars. Surely US dollars are good enough for US cover price?
Canadians have been ripped off with skewed "exchange" rates on retail products for years, even when our dollar was stronger, it's my way of protesting unethical business practices. Its disgusting enough as it is that Chapters, the largest bulk retailer of books in Canada, expects to receive cover price PERIOD, let alone not giving you the more attractive US cover price.
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Bedrock of the Community
Australia
21788 Posts |
I gladly accepted a Nepalese 10 cents from a checkout chick, which is about the same color and size as an Aussie $2 coin. They only made a 2000% profit out of me, but as a 'one off', I don't mind!
Besides the checkout chick was a rather attractive and friendly young lady. No wonder they use such for commercial marketing!
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Pillar of the Community
Canada
3692 Posts |
That price doesn´t apply in Canada, you´re forgetting fuel charges and taxes. If you pay in US dollars, then what kind of sales taxes would apply...¿American ones? From which state? Do you get to choose just because? USA is USA and Canada is Canada, it´s just that simple. While I do agree that Canadians get ripped off over the exchange rate and taxes, but really what are you going to do about it, just stop reading magazines, that´s true protest. I think you´d look rather silly or selfish picketing in front of Chapters with your argument, Anjohl, I say that with respect.
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Pillar of the Community
Canada
849 Posts |
Canada tends to have higher wages and higher costs on social programs than the U.S. Our EI and CPP contributions are likely higher and employers have to match CPP and I believe 1.4 times the EI that employees pay.
Even with an equal dollar I bet book prices in Canada would always be slightly higher.
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Replies: 105 / Views: 14,439 |
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Posted 04/10/2014 1:24 pm
