New Release First $200 For $200 2oz Silver

I feel bad for disparaging anything that's collectible. My issues re: secondary market aside, I really do find the Mint's marketing for these coins distasteful. I have been told by Mint boutique employees that banks will accept them and redeem them. Unfortunately, they cannot speak for all banks and I've heard many stories of the banks refusing them. It is the same sordid story as the nickel dollars.

I was able to exchange my extra $100 for $100 coins at my local RBC branch. They had to call the mint first but they did take them.

A lifetime return policy wouldn't work for them. I'm pretty sure their hoping you'll keep your them forever because when you return it they stand to take a lost. I doubt the cost that goes into making and distributing it is cheap.

I should point out that I collect the designs I like so it doesn't bother me weather or not I can cash them in at the bank.

^^

They stop advertising them as de facto currency exchange for some time now. It was the first few $20 for $20 they did that. Maybe for the first $100 for $100 coin but definitely not for the $200 for $200 coins. No where do they mention that you can exchange the coin for $200 at any bank.

I'd have to disagree that there's not any money to be made in the secondary market for these. For each of the $100 for $100 I purchased aftermarket on ebay, I paid at least $100 USD, which means with the current exchange rate, I paid a 10-11% premium over face. It may be a smaller bid-ask than dealers are used to on some coins, but is still something.

I too think the face to silver content ratio is on the high side for these, but when you consider that the mint would have to acquire the silver at about spot, add in production, packaging and marketing costs, etc. you're probably approaching 2x spot per coin, especially for lower face value coins like the $20s, and the Mint is going to want to make some seigniorage profit on any NCLT product.

Plus, if they put it too close to spot, sharp rises in metal prices would mean that they'd have to decrease silver content of a coin. Think about it, what if instead of 1/4 oz for $20, they did 1/2 oz. for $20. Then assume silver goes back up to levels of a few years ago. Now they would take a loss if they continued $20 for 1/2 oz, and would perhaps reduce composition to 1/4 oz. Then you'd have a series of coins in which suddenly got smaller in the middle of its run. At least this way, silver can climb considerably and they can continue the series with the same weight and composition of silver.

Besides, at least it's a better deal than other RCM products with the same metal content, approximately same prices, but much lower face values -- the $x for $x's at least establish a floor despite how low silver spot falls or despite how low numismatic premium falls. Heck, here in the US, commem silver dollars are sold at about $45 for $16 worth of silver -- if you're buying a precious metal product from a government mint, you're going to pay well over spot. At least the premium you're paying with $x for $x is translated into face value setting a floor for any potential loss.

If you're looking to dabble in precious metals, I wouldn't think anyone would go with these coins. Stick to ASE's, Maple Leaves, etc., even then paying well over face and probably a 20% bid-ask premium without any downside protection of the coin's legal tender face value.

Despite those who disagree, I like these coins, and I hope the all of present series continue. These are the only Canadian NCLTs I have any desire to collect.

I gave up on the 20 for 20's .......other than a few the art is not great. (I liked the canoe)

I returned mine with the coa cover and box, from what I read somewhere a person said that the mint reimburses the bank the face value and some additional amount for their handling service, and the coins get sent back. Although the mint is loosing money on this (shipping, packaging, reimbursement etc) but overall with the huge mintage the RCM is still making money.