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Replies: 221 / Views: 25,859 |
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Pillar of the Community
Canada
1571 Posts |
Again, you simply just don't get it, Silveroid.
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Pillar of the Community
Canada
6768 Posts |
Ok, let's leave this part of conversation. My point that we live in the world of false-advertisement. And I am flexible with this, less headache...
anyway We do not collect boxes as boxes, we just like to organize and display in them our real collectibles. As per value of these coins - in reality, with or without box the buyer will be interested to pay face value, or even less for the bulk purchase.
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Pillar of the Community
Canada
2845 Posts |
Since the topic has been resurrected, as I recall the limited quantity of 7000 boxes originated from a private email by a rep to a MC member, is that correct? Is so, did anyone who received the misleading email ever take it up with RCM and so then what happened? The reason I ask is because when the boxes were released on RCMs website there was absolutely no indication the quality was limited, yet the information in the email was taken to be a fact. So what's the end of the story? Was one or more RCM reps just misinformed.... or were they blatantly deceptive for some unknown reason (who knows, maybe RCM had an internal contest to see which rep could unload the most boxes? LOL!)
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Pillar of the Community
Canada
1571 Posts |
I was told in a mass advanced notice email by my rep that the so called mintage of these boxes was set at 7,000. After reading on the mint website that they were making them according to demand, I contacted my rep to inquire and was told that 3000 more boxes were being made. It's possible this additional 3000 boxes were made in order to accommodate people sending their boxes back when they discovered coins were falling out and coas don't fit. It's also possible that they are not making boxes to demand and there is only 10,000. Even if that is the case, the additional 3000 should have at least been made only after 3000 were returned by dissatisfied customers. I didn't follow up with my rep since I didn't want to bother with it over a $30 box. In any case, I got an email from my rep earlier today saying many people have been complaining about the slots for coins being too big as well as the coas not fitting, and that if I wanted to send my back, I could and I would receive a slightly revised box some time this summer. I forgot to reply to him but will likely just hang on to it. Perhaps if everyone sends their box back for the second edition, the original box may wind up with a "mintage"'of 7000
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Pillar of the Community
Canada
2845 Posts |
Thanks for the explanation Redzapsid, I didn't recall who received the email. I was wondering what was the rep's reason for giving the incorrect information in stating only 7,000 boxes were being "minted" and if you chose not to ask, I can understand. (However if it were me, my level of trust in this rep would dip down by quite a few notches.....) As an aside, I got to say this "limited mintage" collector box fiasco is way beyond what makes any logical sense to me. Considering hundreds of thousand of XforX coins are sold each issue, it's to the mint's advantage that collectors want to save their NCLT and if a storage box makes a difference, that's a benefit to the hobby. So it would seem absolutely absurd for RCM to even think about limiting the quantity of a low cost box, sold at cost. RCM would discourage even more of their client base by initiating a pricing battle over such a simple thing like a $30 storage box.
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Valued Member
Canada
116 Posts |
Some dealers received these boxes for free. The more people who keep the coins vs return them to the bank the better. Limiting the amount of boxes is not in the best interest of the RCM, but they didn't want to introduce the product that way because nobody would rush to buy.
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Pillar of the Community
Canada
2845 Posts |
Oh excellent thought, Relic, the proverbial "rush to buy"....hurry, Buy Now, Sellout, Limited, Almost Gone, all those words that gets people's hearts pumping like crazy.
And it worked.
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Pillar of the Community
Canada
1571 Posts |
So as it stands, I have verified that these coins can be deposited at the bank. The bank manager said that they have not seen or even heard of these coins, but after making a few phone calls, agreed to honour the legal tender status. I assume there is not a mad dash to cash these in, at least in my area since no one at the bank even had an idea they even exist.
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Pillar of the Community
Canada
1571 Posts |
I'm thinking about posting an ad on a buy and sell site to sell all the coins in the $x for $x collection. I have one of each of the $20, $50, $100, and $200 and also the box. If you one buys them by a week or so, straight to the bank I'll go, a send the box back as my rep gave me the option to do.
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Pillar of the Community
Canada
6768 Posts |
Quote: I'm thinking about posting an ad on a buy and sell site to sell all the coins in the $x for $x collection. I have one of each of the $20, $50, $100, and $200 and also the box. If you one buys them by a week or so, straight to the bank I'll go, a send the box back as my rep gave me the option to do. But you where the one of the collectors, that did want the box and hence the 20for20 series...... why do you interested to sell? My advise here: if you have decided to sell - deposit them right away to the bank and return the box. Way less hassle. Do not spend the efforts and time even to create a sale add (I really put an efforts, cause for me, it like some ritual to say "good bye" to the coin) **Time ago I deposited some XforX duplicates, while only 10 first 20foe20 will keep, and week ago deposited my 200for200 due to possible Mint "policy change"....When the bank knows what to do, it only 5 minutes procedure.
Edited by Silveroid 04/09/2016 1:05 pm
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Pillar of the Community
Canada
1571 Posts |
With the insane amount of coins being released over the last few years, the hobby is starting to lose its appeal to me. Although until recently, the idea of selling any coins in my collection was never even a thought. I'd like to think that my hobby is also an investment to some degree. The $x for $x simply take up limited storage space and tie up funds. The coins I've bought other than this series, in most cases, would be able to return less than invested if bought at issue price. By listing them for sale, it may encourage a new collector by making these coins again available at issue price or slightly higher. It would certainly be interesting to know how many and which coins get redeemed and returned. It would would funny if so many get returned that they actually become highly sought after in the future. There will certainly be a few coins that have sentimental value that I'll ever sell even for many times market value, but I'm seriously starting to consider cashing in on what I can now. It's good to know that they are 100% for sure still worth at least face value. For now. I think it would be a cool if so many get turned in, they store them and re-release them in 100 years like they did with the $5/$10 golds. Or if they become so popular that they actually become circulation coins. That way, a graded $x for $x might actually fetch any real profit off these.
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Pillar of the Community
Canada
2845 Posts |
Just my thoughts, regardless of what occurs regarding future redemption of XforX's, the same process we go through each time we buy and then sell anything, it's good to spend a little time reflecting on it. (One of the funniest examples I can think of - is now many, many years later, my now 35 year old son regrets that I sold his entire matchbox car accumulation in a garage sale after he got too old to play with it!) I realize not everyone's the same but pertaining to XforX, if it were me I'd be asking myself this question - Did I buy it for the right reasons and if so what were they? To my definition, "right reasons" include having something that in 5, 10, 15 or even 50 years down the road would still be meaningful and valuable, in terms of representing some degree of pleasure and satisfaction, even in terms of good memories. (A good reason is not simply because it might increase in value in the future, there's no way to predict that and it puts you at risk of becoming a hoarder! lol!) Wrong reasons would include having bought something only because it was popular at the time, impulse buying, misleading advertising, or buying something that was supposed to serve some purpose that proved otherwise. If it were me, in the case of XforX, if I accumulated a real significant amount for either of these reasons, I would definitely dump it: - a mistaken belief I was buying $20 worth of silver. Each coin contains appx $5 worth at today's spot price and even milk-spotted maple leaf silver coins would be a far better option if one chooses to speculation on future bullion value. - that forever more they are "cashable" at face. Given our entire Cdn constitution is modelled after the UK, considering Canada are a British Commonweath country, noting the informal redemption arrangement through banks has never been formalized (there's obviously a reason why not), plus the fact that even RCM continues to stress that XforX is non-circulating collector coin, it is my opinion that the writing is on the wall. But if I had faithfully accumulated one at a time, maybe some being gifts, achieving the set was an enjoyable pursuit, my financial situation was in good shape and I wasn't living from one paycheque to the next, if it were me I'd keep the set because I'd likely regret selling it later. It's not always about what things are worth in terms of money.....
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Pillar of the Community
Canada
6768 Posts |
Thank you for reply... Yes, I understand, the same as for me: 1. Too many in overall 2. These coins tight the largest amount of money (in terms of return - you'll get exactly what you've paid without selling a rare coin) I think, the new collectors, locally or ebay, will be more happy to get the rare coins, if the selling price will be "softer" than the market price....
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Pillar of the Community
Canada
2845 Posts |
Quote:
Or if they become so popular that they actually become circulation coins..
Clearly we are rapidly moving towards a cashless society. I was a bank teller in the 70s when ABMs were first introduced. We had lineups out the door and down the street on payday Friday's before a longweekend. Meanwhile the branch had been recently outfitted with two shiny new ABMs, which sat in an empty vestibule. Customers adamely refused to use them and eventually tellers were located in the vestibule to reassure customers that those metal monsters were trustworthy. Because during that era there was a deep mistrust of both plastic cards and machines that gave out cash. Eventually, to give customers an incentive, service charges for bank withdrawals were cheaper than withdrawing cash at a teller. Next came the transition of using that plastic card to buy stuff, using no cash. Same thing, many people then balked at that, suspicion they get ripped off, or a conspiracy theory "somebody" could keep tabs on their spending. Again as an incentive, the service charge for electronic entries became lower than for cheques. Now both cheques and cash transactions have been largely taken over by plastic and even online buying has taken hold, just type in your number on that plastic card and stay home. As I recall reading, Amazon sales now outperform Walmart. I'm by no means suggesting coin collecting is to immediately go the way of the postage stamp. But I think it's unlikely additional coin will ever be added. It will be very interesting to see what happens in the future as far as numismatics in general - the discontinued circulation of the penny certainly appears to have increased interest in collecting of it.
Edited by wildflowerAB 04/09/2016 2:09 pm
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Pillar of the Community
Canada
2845 Posts |
Quote:I think, the new collectors, locally or ebay, will be more happy to get the rare coins, if the selling price will be "softer" than the market price.... I think that's how it works best, in a healthy collectable environment. Existing collectors decide to exit the hobby for whatever reason, new collectors are eager to buy what they earlier missed out on. Frankly, I think it was shameful that RCM began producing such high mintages of XforX (300,000?) because they certainly had to have known they were getting bought for many wrong reasons and the extraordinarily high volume of the coins couldn't possible hold a value beyond face. Even as recent as their 3rd quarter 2015 financial statement (2015 year end has not been released), RCM indicates that it recognizes the NCLT division as an opportunity for additional future growth in revenue. Meanwhile because RCM is owned by the Cdn government, some people may tend to believe it's performing a some type of trusted and valuable service in the selling of NCLT.
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Replies: 221 / Views: 25,859 |
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