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 Replies: 54 / Views: 6,314 |
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Pillar of the Community
Canada
5324 Posts |
Just wondering from US members, what's the official redeeming policy on US NCLT?
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Pillar of the Community
Canada
1027 Posts |
i really don't care about redeeming them.
Why would I buy them then?
I spend more on a dinner and all that does is give me gas and the necessity of buying more toilet paper. Goes in and then out. Leaves you with nothing. Lol
To each their own.
Edited by New1954
08/07/2016 8:22 pm
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Pillar of the Community
 Canada
1571 Posts |
Canadian_coins,
In the early days of the $20'for $20, it was assumed by many that these coins could be cashed in at the bank and as a result, many were. The whole marketing of these coins made them ideal to give as gifts. The point of giving young family members these coins, to me at least, was to give a cash gift that could be saved or spent. A $20 silver coin is a much cooler gift than a bill. My nephew wouldn't be collecting coins now if I gave him a bill, nor my brother, neighbors kid etc.
Buying these as cash gifts instead of bills totally makes sense, as long as the value remains the face value and not the $5 of silver they contain.
Giving cash as gift is fine? I know, that's what I gave. Just in the form of silver coins, not bills.
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Pillar of the Community
Canada
1571 Posts |
After all, these coins are legal tender, not jewelry.
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Pillar of the Community
Canada
1027 Posts |
My bank will take them. No problem. TD Trust. I must be a very good client. No hassle. I cashed a few of the Christmas coins 20/20 because I had bought way too many. All the staff oohed and aahed. Some clients in the bank bought them right there when they saw them. I am serious.
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Pillar of the Community
Canada
1571 Posts |
Canadian_coins,
If a pink of yellow shirt could be cashed in at the bank for the amount it cost to buy, would you like them more?
The reason I stopped collecting coins for my kid is because if she's not into coins, I've wasted a lot of money. For future generations, cash or buillion are far better options than coins.
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Pillar of the Community
Canada
1571 Posts |
I have no problem redeeming them either for now. It's always possible the laws can be changed as the mint has indicated the redemption policy is being reviewed and possibly revised.
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Pillar of the Community
Canada
1571 Posts |
That's why I was saying they make great gifts, even to non-coin collectors. It's still giving cash but much cooler than a bill.
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Pillar of the Community
Canada
6768 Posts |
Quote:
That's why I was saying they make great gifts, even to non-coin collectors. It's still giving cash but much cooler than a bill. I know simple fact: non-coin collectors not only do not care about the coins, they clearly know, that they do not need the coins. If we speak about 20for20 with some interesting card design - well, in best case it will be put on the shelf or into a cabinet and forgotten. But $200 ?This is serious amount, and by giving this gift to non-coin collector, you directly forcing the person to search ways to turn it to the bill.... |
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CCF Master Historian of USA Commemoratives
 United States
12296 Posts |
Quote:
Just wondering from US members, what's the official redeeming policy on US NCLT? The US Mint does not redeem or "buy back" any of the coins that it issues; coins purchased from the Mint can be returned within seven days if there is an issue with them. US NCLT is legal tender per legal statute, but, just like any other US coin or note that also has legal tender status, it is up to an individual merchant to decide if they will accept it for payment - there isn't a US statute that requires an individual or business to accept any given coin or note. So, in short, the US does not have a redeeming policy for its NCLT issues. If you can find someone to accept a NCLT coin at face value for payment, you can use it. If not, and you wanted to convert the NCLT piece into circulating coins or notes, the coin would have to be sold to a dealer or another collector for whatever value can be agreed upon. Collecting history one coin or medal at a time! (c) commems. All rights reserved.
Edited by commems
08/07/2016 9:40 pm
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Pillar of the Community
Canada
1571 Posts |
I've made it clear to all those I've given coins to that if they would rather take the same amount but in bills they could, and also that I'd gladly exchange the coins for bills in the future if they changed their mind down the road. None of the people that have decided to cash them in have had issues simply taking them to the bank anyhow.
I certainly wouldn't go out and give anyone a 5 oz penny or even a silver lucky loonie since the receiver would view it as a gift of Only 1 cent or $1.
Again, Face value for face value coins make great gifts as long as they can be redeemed.
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Pillar of the Community
Canada
1571 Posts |
Commems, Am I correct in saying the US doesn't have any $x for $x programs? If they did, and marketed them the same way the RCM did, I'm sure it would be a different story. Most people would never cash in a NCLT at face value since the issue price is way higher than face. I would imagine there are much fewer issues with people trying to cash in NCLT in the US. |
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Pillar of the Community
Canada
5324 Posts |
Thanks, but if you take a US NCLT are there provisions for banks to accept at face value, similar to RCM current arrangements with our banks. |
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Pillar of the Community
Canada
2845 Posts |
Purely for interest sake, anyone who's not familiar with it, google US Mint. Night and day difference in focus and NCLT product compared to RCM. Quote:
I would imagine there are much fewer issues with people trying to cash in NCLT in the US.
I would too. Until XforX was launched in Canada, cashing in NCLT for face value was extremely uncommon because the bullion value was most always higher, therefore dealers or silver buyers were a better option. |
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Pillar of the Community
Canada
1571 Posts |
I've checked out the US mint before. Very different than I was expecting since I'm used to the RCM site. I thought it was interesting that they have a section for bulk orders where you basically go to the mint location and load a skid of coins into a vehicle and hope the wheels don't pop off under the weight. You can also get bags of coins, boxes of coins, and rolls of coins. They come with a slight premium. Certainly no glass anything on their coins. |
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Replies: 54 / Views: 6,314 |
First Page
Posted 08/07/2016 8:19 pm
